HomeMy WebLinkAboutLow Moderate Income HAF Rprt - FY 2013-14PALM DESERT HOUSING AUTHORITY
STAFF REPORT
REQUEST: RECEIVE AND FILE LOW AND MODERATE INCOME HOUSING
ASSET FUND REPORT RELATIVE TO SB341
SUBMITTED BY: Veronica Tapia, Management Analyst
DATE: December 11, 2014
CONTENTS: SB 341 Report for 2013-14
Recommendation
Receive and file Low and Moderate Income Housing Asset Fund report
relative to SB341 for the 2013-14 fiscal -year.
Discussion
Pursuant to Health and Safety Code Section 33080.1, a former agency had to prepare
an annual audit report which presented the results of the operations and financial
position of the agency, including all activities related to the Housing Fund. In addition, a
former agency had to prepare an annual report within six months of the end of the
agency's fiscal year which included information regarding the agency's housing
activities. Pursuant to Government Code Section 12463.3, the State Controller was
required to annually publish reports of the annual financial transactions of former
agencies.
SB 341 provides that Sections 33080.1 and 12463.3 will not apply. Instead, a housing
successor must conduct, and provide to its governing body, an independent financial
audit of the Low Mod Income Housing Asset Fund ("LMIHAF") within six months after
the end of each fiscal year. Such audit may be included in the independent financial
audit of the city. If the housing successor is the city, it must also include in its report
pursuant to Government Code Section 65400 (which relates to the city's general plan),
and post on its internet web site the information set forth below for the previous fiscal
year. If the housing successor is not the city, it must provide such information to its
governing body and post the information on its internet website.
The attached report provides the information as required pursuant to SB 341. The
report has been reviewed and verified by the City's auditors and is included as a major
fund in the City's Financial Report. The reviewed report is now being presented to the
Housing Authority Board to receive and file.
Staff Report
LMIHAF REPORT RELATIVE TO SB341
December 11, 2014
Page 2 of 2
Fiscal Analvsis
There is no impact to the General Fund.
Submitted By:
vij x t
Veronica Tapia, Manag mend Analyst
(aulS. Gibson, Director of Finance
Approval:
"`J/ e " �/ GWyL�tluYlf
John NA. Wohlmuth, Executive Director
Department Head:
�an000re, Director of Housing
VERIFiI.-D BY. Llz rlM
Original on file Wit'" Cite Cierk's O ficc
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G \rdaWeronica Tapia\Word Files\Staff Reports\HOUSING SB 341 REPORT 2013-14 12-11-14 doc
LOW MODERATE INCOME HOUSING ASSET FUND
ANNUAL REPORT
2013-2014
1) 2013-2014 Deposits to LMIHAF
Interest
111,828
Rents
3,366
ROPS Related Deposits
9,157,393
Loan Payoff's/Hovley Payment
179,273
Sales Proceeds
884,031
Total Deposits to LMIHAF
10,335,891
Less: Amounts Deposited Pursuant to ROPS (9,157,393)
Total Effective Deposits to LMIHAF 1 1,178,498 1
2) 2013-2014 LMIHAF Balance
LMIHAF Cash Balance @ June 30, 2014
10,898,417
Less: Amounts Deposited for ROPS CY
9,157,393
Less: Amounts Deposited for ROPS PY
580,962
Total Available Cash Balance
1,160,062
3) 2013-2014 LMIHAF Expenditures by Category
a) Monitor/Preserve
Affordability Covenants
1,232,442.68
b) Administrative Expenditures
16,807.22
c)
Homeless Prevention
-
d) Development of
Affordable Housing
30% -
50% -
80% -
100% -
120% -
Total Expenditures
1,249,249.90
4) Administrative Costs - Annual Cap Calculation
74,460,499
Statutory Value of Real Property (Asset List)
14,530,572
Statutory Value of Loans/Grants Receivable (Asset List)
136,859
Plus: Real Property Purchased
215,178
Plus: New Loans Receivable
(1,201,051)
Less: Real Property Sales
(216,277)
Less: Loan Payoff's
87,925,780
Total Combined Value
0.02
2% Max
1,758,516
Max Annual Administrative Cost
5) Transfers Made to Other Housing Successors
N/A
12/4/2014
12:5? PM 341 Annual Report 2013-14 9-117- i 4
6) Property Tax Revenue Held for ROPS Related Projects
$9,157,393 has been deposited from ROPS to be used for improvements related to requirements of
Stipulated Judgment No. 51124.
7) a) Status of Vacant Property Acquired Prior to February 1, 2012
Vacant properties included on the Housing Asset List approved 8/13/12 by the DOF include:
Las Serenas, Sagecrest, San Benito, and Carlos Ortega Villas.
b) Status of Vacant Property Acquired After February 1, 2012
N/A
8) Oustanding Obligations Related to Replacement/Inclusionsary/Production Requirements
N/A
9) Compliance with Extremely Low Income Targeting
N/A
10) Breakdown of Deed Restricted Units
325
1,360
1,685
17) Excess Surplus Calculation
2012-2013
2013-2014
2014-2015
2015-2016
Base Limit
Greater Amount
Computed Excess Surplus - July 1, 2013
Senior Housing
Multi Family Housing
All Affordable Housing
477,022
(70,752)
N/A
N/A
406,270
1,000,000
19%
81%
100%
12/4/2014
12:52 PM 341 Annual Report 2013-14 9-1 7-14