The City of Upland (City) through its Upland Community Redevelopment Agency (RDA) began acquiring certain housing assets in the late 1990s.  This move was in response to the inability of the Upland Housing Authority (UHA) to repay its bond financing.  The RDA had provided the UHA a letter of credit on its bonds, however, as a result of UHA default of its bond financing, the RDA letter of credit was hit with a 1.5 million dollar payment.  In response to the default, RDA moved to acquire and administer the housing assets from the UHA.  This move furthered the RDA’s goal of ensuring long term viability of affordable housing in Upland.  After the Governor’s dissolution of the RDA in 2011, the housing assets were secured and eventually transferred to the City after the Development Services Department’s successful deliberation with the State’s Department of Finance.  The housing assets have been profitably managed by RPM Company from the inception of RDA’s ownership.  The housing assets provide an average annual profit to the City’s Housing Fund of approximately $700,000 to $1,000,000.