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Housing Successor Agency Annual Report for Fiscal Year 2020-2021. (Deanna Talavera, Management Analyst II and Samantha Wu Rose, RSG)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council receive and file the Housing Successor Agency Annual Report for Fiscal Year 2020-21.
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BACKGROUND/DISCUSSION
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 2020-21 will be submitted to HCD by April 1, 2022, and is being presented to the City Council to receive and file.
REVIEW AND ANALYSIS
The Housing Successor is meeting all compliance requirements of HSC Section 34176.1 for Fiscal Year 2020-21. Progress on major requirements is summarized below.
Housing Asset Fund Activity
As of June 30, 2021, the Housing Asset Fund balance was approximately $3.2 million ($2.5 million of which was cash). The Housing Asset Fund received $178,383 in revenues. The largest revenue source was rents from Housing Successor affordable rental properties ($119,614). Other revenue sources included interest income and loan repayments.
The Housing Successor spent a total of $3 million in Housing Asset Funds in Fiscal Year 2020-21. The expenditures consisted of administrative items ($293,619), rapid rehousing expenses ($219,636) in the form of Emergency Rental Assistance, and a $2,450,000 loan to assist with the development of rental housing for extremely low-income households at 201-219 Grand Avenue and 418 Linden Avenue.
Real Property Assets and Loans Receivable
As...
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