HomeMy WebLinkAboutInfo Rprt - Low-Moderatet Income Housing Asset Fund PALM 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 10, 2015
CONTENTS: SB 341 Report for 2014-15
Recommendation
Receive and file Low and Moderate Income Housing Asset Fund report
relative to SB341 for the 2014-15 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 10, 2015
Page 2 of 2
Fiscal Analvsis
There is no impact to the General Fund.
Submitted By: Department Head:
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Veronica Tapia, Manag ment Analyst J et ore, Director of Housing
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Paul S. Gibson, Director of Finance
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h M. Wohlmuth, Executive Director
G:\rda\Veronica Tapia\Word Files\Staff RepoAs\HOUSING SB 341 REPORT 2014-15 12-10-15.doc
LOW MODERATE INCOME HOUSING ASSET FUND
ANNUAL REPORT
2014-2015
1) 2014-2015 Deposlts fo LMIHAF
Interest 120,533
Rents 3,200
ROPS Related Deposits -
Loan Payoff's/Hovley Payment 128,873
Sales Proceeds 2,163,222
Total Deposits to LMIHAF 2,415,827
Less:Amounts Deposited Pursuant to ROPS -
Total Effective Deposits to LMIHAF 2,415,827
2) 2014-2015 LMIHAF Balance
LMIHAF Cash Balance @ June 30, 2015 12,251,418
Less: Amounts Deposited for ROPS CY -
Less:Amounts Deposited for ROPS PY 9,738,355
Total Available Cash Balance 2,513,063
3) 2014-2015 LMIHAF Expendifures by Cafegory
a) Monitor/Preserve
Affordability Covenants 3,255,360.01
b) Administrative Expenditures 25,248.04
c)
Homeless Prevention -
dj Development of
Affordable Housing
30% -
50% -
80% -
100% -
120% -
Total Expendffures 3,280,608.05
4) Adminisfrafive Cosfs -Annual Cap Cplculafion
73,396,307 Statutory Value of Real Properfy (Asset List and 2014)
14,529,473 Statutory Value of Loans/Grants Receivable (Asset List and 2014)
225,680 Plus: Real Property Purchased
636,881 Plus: New Loans Receivable
(2,262,078) Less: Real Properfy Sales
(119,867) Less: Loan Payoff's
86,406,395 Total Combined Value
0.02 2%Max
1,728,128 Max Annual Administrative Cost
5) Transfers Made to Ofher Housing Successors
N/A
i iizaizois
9:OdAM 341 AnnuolRepor1 2014-1 5 9-18-15
6) Property Tax Revenue Held for ROPS Related Projecfs
$9,157,393 has been deposited from ROPS to be used for improvements related to requirements of Stipulated
Judgment No.51 124.
7) a)Stotus of Vacanf Properfy Acquired Prior fo February 1, 2012
Vacant properties included on the Housing Asset List approved 8/]3/12 by the DOF include:
Las Serenas, Sagecrest,San Benito, and Carlos Ortega Villas.
b)Sfatus of Vacanf Property Acquired Affer February 1, 2012
N/A
8) Oustanding Obligafions Related fo Replacement/Inclusionsary/ProducfJon RequJremenfs
N/A
9) Complfance with Exfremely Low Income 7argefing
N/A
10) Breakdown of Deed Restricfed Units
325 Senior Housing 19%
1,360 Multi Family Housing 81%
1,685 All Affordable Housing 100%
i l) Excess Surplus Calculafion
2012-2013 -
2013-2014 (70,752)
2014-2015 (864,781)
2015-2016 N/A
(935,533)
Base Limit 1,000,000
Greater Amount 1,000,000
Computed Excess Surplus - July 1,2014 -
I1/24/2015
9-Od AM 341 Ann•�al Repc•�2014-I S Y�18 I S