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Motion to receive and file the City's Housing Successor Agency Annual Report for Fiscal Year 2021-2022. (Nell Selander, Economic & Community Development Director)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council approve a motion to receive and file the Housing Successor Agency Annual Report for Fiscal Year 2021-22.
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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 2021-22 will be submitted to HCD by April 1, 2023, 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 2021-22. Progress on major requirements is summarized below.
Housing Asset Fund Activity
As of June 30, 2022, the Housing Asset Fund balance was approximately $4.2 million ($2.5 million of which was cash). The Housing Asset Fund received $148,275 in revenues. The largest revenue source was rents from Housing Successor affordable rental properties ($131,272). Other revenue sources included interest income and loan repayments.
The Housing Successor spent $344,378 in Housing Asset Funds in Fiscal Year 2021-22. The expenditures consisted of administrative items ($238,195) and rapid rehousing expenses ($106,183) in the form of Emergency Rental Assistance. There were no expenditures for housing development projects during the fiscal year.
Real Property Assets and Loans Receivable
As the Housing Successor, the City o...
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