Title
Motion to receive and file the City's Housing Successor Agency Annual Report for Fiscal Year 2024-25. (Elia Moreno, Management Analyst I)
label
RECOMMENDATION
Recommendation
Staff recommends City Council approve a motion to receive and file the City's Housing Successor Agency Annual Report for Fiscal Year 2024-25.
Body
BACKGROUND
The City of South San Francisco (City) is the Housing Successor Agency (Housing Successor) to the former South San Francisco Redevelopment Agency (Agency), which was dissolved on February 1, 2012. Each housing successor agency is required to prepare an annual report on how it is meeting requirements imposed by Health and Safety Code (HSC) Section 34176.1.
The report is due to the California Department of Housing and Community Development (HCD) by April 1st each year and must be posted on the City's website. The report for Fiscal Year 2024-25 will be submitted to HCD by April 1, 2026, and is being presented to the City Council to receive and file.
DISCUSSION
Review and Analysis
The Housing Successor is meeting all compliance requirements of HSC Section 34176.1 for Fiscal Year 2024-25. Progress on major requirements is summarized below.
Housing Asset Fund Activity
As of June 30, 2024, the Housing Asset Fund balance was approximately $4.1 million ($2.6 million of which was cash). The Housing Asset Fund received $372,755 in revenues. The largest revenue source was rents from Housing Successor affordable rental properties ($140,134). Other revenue sources included interest income and loan repayments.
The Housing Successor spent $354,280 in Housing Asset Funds in Fiscal Year 2024-25. The expenditures consisted of administrative items ($46,479) and rapid rehousing and homeless prevention expenses ($176,160) in the form of Emergency Rental Assistance, as well as $131,641 in expenditures towards a new housing development project during the fiscal year.
Real Property Assets and Loans Receivable
As the Housing Successor, the C...
Click here for full text