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Housing Successor Agency Annual Report for Fiscal Year 2019-20. (Deanna Talavera, Management Analyst II and Mark Sawicki, RSG)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council receive the Housing Successor Agency Annual Report for Fiscal Year 2019-20 for filing with the state Department of Housing and Community Development .
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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 2019-20 is attached to this staff report as Attachment 1, and is planning to be submitted to HCD by April 1, 2021. It is being presented to the City Council to receive and file.
DISCUSSION
The Housing Successor is meeting all compliance requirements of HSC Section 34176.1 for Fiscal Year 2019-20. Progress on major requirements are summarized below.
Housing Asset Fund Activity
As of June 30, 2020, the Housing Asset Fund balance was approximately $6 million ($5 million of which was cash). The Housing Asset Fund received $310,800 in revenues. The largest revenue source were rents from Housing Successor affordable rental properties ($95,755). Other revenue sources included interest income, loan repayments, and unrealized gains from investments.
The Housing Successor spent a total of $555,395 in Housing Asset Funds in Fiscal Year 2019-20. The expenditures consisted of both administrative items ($311,395) and rapid rehousing expenses ($244,000), in the form of Emergency Rental Assistance.
Real Property Assets and Loans Receivable
As the Housing Su...
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