Item No. 3.
| MEETING DATE: 12/02/2024 |
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| TO: | HONORABLE CHAIR AND DIRECTORS |
| FROM: | JIM SADRO, EXECUTIVE DIRECTOR By: Miranda Cole-Corona, Housing and Economic Dev Manager |
| SUBJECT: | APPROVE THE SB 341 HOUSING SUCCESSOR ANNUAL REPORT FOR FISCAL YEAR 2023-2024 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34176.1(f)
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RECOMMENDATION:
That the Housing Authority approve the SB 341 Housing Successor Annual Report for Fiscal Year 2023-2024 pursuant to Health and Safety Code Section 34176.1(f) and authorize staff to post the report on the City's website.
DISCUSSION:
California Health and Safety Code Section 34176.1(f) requires Housing Successors to provide their governing bodies with an independent financial audit of the Low and Moderate Income Housing Asset fund (LMIHAF) and a report of housing assets and activities at the end of each fiscal year under Part 1.85, Division 24 of the California Health and Safety Code, in particular Sections 34176.1 (Dissolution Law).
The report should include the following:
- Amount deposited into LMIHAF
- Ending balance of LMIHAF
- Description of expenditures from LMIHAF
- Statutory Value of assets owned by the Housing Successor
- Description of transfers
- Project descriptions
- Status of compliance with section 33334.16 (interest in real property acquired by the former redevelopment agency prior to February 1, 2012)
- Description of outstanding obligations under Section 33413
- Income test
- Senior housing test
- Excess surplus test
The attached report describes in detail each section outlined above. Housing Successors are not required to submit the report to the State of California Department of Finance or State of California Department of Housing and Community Development, but are required to post the report to the Housing Successor's website by December 31st of each year. In addition to posting the report on the website, the City retains an independent auditor and reports the results of their audit of LMIHAF in the City's Annual Comprehensive Financial Report (ACFR). The ACFR will include both revenues and expenditures of the LMIHAF during Fiscal Year 2023-2024.
FISCAL IMPACT/SOURCE OF FUNDING:
None.
GENERAL PLAN RELEVANCE/CITY COUNCIL GOALS & OBJECTIVES:
H 3.3 - Support and Participate in Housing Programs
City Council Goals and Objectives:
Goal 2 - Management of Public Revenues and Fiscal Assets
Objective C - Regularly review and evaluate programs, services, and professional agreements to assess effectiveness and identify opportunities for greater efficiencies and cost containment.
Objective D - Develop and implement an internal audit program for all City departments.
City Council Goals and Objectives:
Goal 2 - Management of Public Revenues and Fiscal Assets
Objective C - Regularly review and evaluate programs, services, and professional agreements to assess effectiveness and identify opportunities for greater efficiencies and cost containment.
Objective D - Develop and implement an internal audit program for all City departments.