JOINT MEETING OF THE FRESNO REVITALIZATION CORPORATION AND CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY.
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Receive Annual Report and Approve FY 23/24 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 23/24 Program Income Budget.
BACKGROUND
Pursuant to Dissolution Law, the Sacramento Superior Court of California confirmed the Housing Successor's ownership of affordable housing assets of the former Redevelopment Agency as listed in the housing asset transfer schedule. The housing assets are held and administered by the FHS in the Low to Moderate Income Housing Asset Fund (LMIHAF) pursuant to HSC Sections 34176 and 34176.1. Dissolution law related to affordable housing includes requirements for program income fund expenditures and the preparation of an Annual Report of affordable housing activities described in the following.
Annual Report
In accordance with Section 34176.1(f), an annual report must be prepared that 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. Included in the Annual Report is the status of real property acquired by the FHS for low and moderate income housing purposes in accordance with time frames for initiation of activities for a...
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