The city of Sacramento is taking action against California Public Employees' Retirement System (CalPERS) over undelivered housing promises, says the Sacramento Bee.

Sixteen years ago, CalPERS and Sacramento signed an agreement to build nearly 400 housing units at the CalPERS headquarters building by 2012. It is five years after the promised date, and only 36 new homes stand.

The city’s need for housing has caused officials to resend the signed letter to CalPERS as a reminder of their promise. The pension fund company stated, “We are currently in active negotiations to provide for the fulfillment of the MOU,” and added, “it is our practice not to comment on active real estate negotiations, so we don’t have further comment at this time.”

Per the original development plans, one of three projects has been completed. The 36-unit SoCap Lofts building is the only project that CalPERS has completed.

The pension company also originally agreed to build a second project featuring 36 single-family homes called the Seventh Street Lofts, with an expected completion date of 2009.

The final project promised was a 300-unit development located in the parking lot behind the current CalPERS headquarters. That project, which was to be finished in 2012, was to feature 14,500 square feet of retail and 325 parking spaces.

There’s no word on the development’s new timeline, if any.