HomeMy WebLinkAboutFY 2015-16 Low and Moderate Income Housing Asset Fund Report SB341 PALM DESERT HOUSING AUTHORITY
STAFF REPORT
REQUEST: RECEIVE AND FILE THE ANNUAL LOW AND MODERATE INCOME
HOUSING ASSET FUND REPORT RELATIVE TO SB341
SUBMITTED BY: Veronica Tapia, Senior Management Analyst
DATE: December 8, 2016
CONTENTS: SB 341 Report for 2015-16
Recommendation
Receive and file the annual Low and Moderate Income Housing Asset Fund
report relative to SB341 for the 2015-16 fiscal year.
Discussion
SB 341 provides that as the housing successor, the Palm Desert Housing Authority must
conduct and provide to its governing body an independent financial audit and annual report
relative to the Low and Moderate 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. The audit and annual report must also be posted on the housing
successor's website.
The attached annual report provides the information as required pursuant to SB 341. The
report has been reviewed and verified by the City's auditors with the LMIHAF included as a
major fund in the City's Financial Report. The reviewed SB 341 annual report is now being
presented to the Housing Authority Board to receive and file.
Fiscal Analysis
There is no impact to the General Fund.
Sub ted By:
tlibOYW
Veronica Tapia, Senior Management Analyst
J oore, Director of Finance �vea4-qt,ed 13Y HOUSG AUT-1
Approval: ON S"1 LP
��-- VERIFIED BY:,°!D `rlrl
Lauri Aylaian, Executive Director Original on file with City Clerk's Office
LOW MODERATE INCOME HOUSING ASSET FUND
ANNUAL REPORT
2015-2016
I) 2015-2016 SERAF DEPOSIT(A/R) 3,753,150
3,753,150
2) 2015-2016 Deposits to LMIHAF
Interest 140,003
Rents -
ROPS Related Deposits -
Loan Payoff's/Hovley Payment 71,174
Sales Proceeds 225,000
Total Deposits to LMIHAF 436,177
Less:Amounts Deposited Pursuant to ROPS -
Total Effective Deposits to LMIHAF 436,177
3) 2015-2016 LMIHAF Balance
LMIHAF Cash Balance @ June 30, 2016 16,301,959
Less:Amounts Deposited for ROPS CY -
Less:Amounts Deposited for ROPS PY 9,738,355
Total Available Cash Balance 6,563,604
4) 2015-2016 LMIHAF Expenditures by Category
a) Monitor/Preserve
Affordability Covenants 321,967.17
b) Administrative Expenditures 24,668.43
c)
Homeless Prevention -
d) Development of
Affordable Housing
30% 27,000.00
50% -
80% -
100% -
120% -
27,000.00
Total Expenditures 373,635.60
5) Administrative Costs -Annual Cap Calculation
71,359,909 Statutory Value of Real Property (Asset List and 2014)
15,046,487 Statutory Value of Loans/Grants Receivable (Asset List thru 2014)
Plus: Real Property Purchased
77,787 Plus: New Loans Receivable
(233,937) Less: Real Property Sales
(71,164) Less: Loan Payoffs
86,179,081 Total Combined Value
0.02 2%Max
1,723,582 Max Annual Administrative Cost
6) Transfers Made to Other Housing Successors
N/A
9/9/2046
06 P,4 341 Pr.r,,oI i'ep0'2/ ,-.66-.4- I
7) 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.
8) 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 (currently in a long-term lease with Allied),and Sagecrest.
b)Status of Vacant Property Acquired After February 1, 2012
N/A
9) Oustanding Obligations Related to Replacement/Inclusionsary/Production Requirements
N/A
10) Compliance with Extremely Low Income Targeting
N/A
1 1) Breakdown of Deed Restricted Rental Units
384 Senior Housing 28%
1,007 Multi Family Housing 72%
1,391 All Affordable Housing 100%
12) Excess Surplus Calculation
2012-2013 -
2013-2014 (70,752)
2014-2015 (864,781)
2015-2016 62,542
2016-2017 N/A
(872,991)
Base Limit 1,000,000
Greater Amount 1,000,000
Computed Excess Surplus-July 1,2015 -
13) Breakdown of Deed Restricted Homeowner Units
Senior Housing 0%
299 Multi Family Housing 100%
299 All Affordable Housing 100%
9/9/7016
-06 P.M 341 Arr,oI Pepo,l 2;.'1,16 8 3' 'o