JOINT MEETING OF THE FRESNO REVITALIZATION CORPORATION AND CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY.
DATE: June 13, 2024
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Receive Annual Report and Approve FY 24/25 Program Income Budget for the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno
Body
RECOMMENDATION
Staff recommends that the City acting in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno (FHS) and the Fresno Revitalization Corporation (FRC) receive the Annual Report and approve the attached FHS FY 24/25 Program Income Budget.
BACKGROUND
Pursuant to dissolution law, (HSW Sections 32176 and 3176.1) the Low- and Moderate-Income Housing Asset Fund (LMIHF) held and administered by FHS was established to hold affordable housing assets transferred from the former RDA and subsequent program income. Dissolution law related to affordable housing assets includes requirements for preparation of an annual report of fund activity and requirements for program income budget expenditures described in the following.
Annual Report
The Annual Report for the current reporting period of FY 22/23 is attached and posted on the Agency's web site.
In accordance with HSC Section 34176.1(f), the 22/23 Report contains thirteen elements: loan repayments; amount deposited into LMIHAF; ending balance of LMIHAF; description of expenditures from the LMIHAF; statutory value of assets owned by the housing successor; description of transfers; project descriptions; status of compliance with Section 33334.16; description of outstanding obligations under Section 33413; income test; senior housing test; excess surplus test; and homeownership units.
The primary purpose of the Report is to ensure compliance with the extremely low affordability test and the excess funds surplus test. The FHS is in full compliance with requirements relating to bo...
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