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Housing Successor Agency Annual Reports for Fiscal Years 2016-17 and 2017-18 (Nell Selander, Deputy Director of Economic and Community Development)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council receive and file the Housing Successor Agency Annual Reports for Fiscal Years 2016-17 and 2017-18.
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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 reports for Fiscal Years 2016-17 and 2017-18 were submitted to HCD by April 1, 2019 and are being presented to the City Council to receive and file.
REVIEW AND ANALYSIS
The City is meeting all requirements imposed by HSC Section 34176.1 for both Fiscal Years 2016-17 and 2017-18. The City's progress on major requirements is summarized below.
Housing Asset Fund Activity
As of June 30, 2018, the Housing Asset Fund balance was approximately $4.7 million ($3.6 million of which is cash). The Housing Asset Fund received $1.4 million in revenues during Fiscal Year 2016-17 and $585,163 in revenues during Fiscal Year 2017-18. Revenues were higher in Fiscal Year 2016-17 due to the sale of a former Agency housing property (380 Alta Vista Drive) for just over $1 million. Other revenue sources include rents, interest income, and loan repayments.
The Housing Successor spent $110,245 and $90,093 in Housing Asset Funds in Fiscal Years 2016-17 and 2017-18, respectively. Expenditures were limited to administrative items, such as payroll, supplies, and services.
Real Property Assets and Loans Receiva...
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