TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: OFFICE OF THE CITY MANAGER
BY: AUSTIN RAMIREZ, DIRECTOR OF ECONOMIC DEVELOPMENT
DATE: JUNE 24, 2025
SUBJECT: APPROVAL OF AN AGREEMENT BETWEEN THE CITY OF DOWNEY
AND THE HOUSING AUTHORITY TO EXPEND LOW- AND MODERATE -
INCOME HOUSING FUND PROCEEDS
EXECUTIVE SUMMARY
The City Council will consider approving the Agreement with the Housing Authority, a component of the Downey Community Development Commission, and as the housing successor (Housing Authority), to expend Low- and Moderate -Income Asset Housing Fund (LMIHAF) proceeds. The Housing Authority has identified an excess surplus in its LMIHAF that must be encumbered for eligible housing and homeless services by June 30, 2025. The Housing Authority agrees to transfer an amount not to exceed Two Million Dollars ($2,000,000.00) to the City of Downey to be expended for eligible uses. If the Housing Authority does not encumber the excess surplus by the deadline, the funds must be transferred to the California Department of Housing and Community Development (HCD).
RECOMMENDATION
That the City Council:
1. Authorize the City Manager, or his designee, to execute the Agreement between the City of Downey and the Housing Authority, a component of the Downey Community Development Commission, and as the housing successor, to expend Low- and Moderate -Income Housing Fund Proceeds, as well as execute any and all related instruments, agreements, contracts, and implementing documents;
2. Authorize the Housing Authority, a component of the Downey Community Development Commission, and as the housing successor, to transfer Low- and Moderate -Income Housing Fund Proceeds to the City in an amount not to exceed $2,000,000.00, contingent upon receipt and approval of the City's
AGREEMENT TO EXPEND LOW- AND MODERATE -INCOME HOUSING FUND PROCEEDS JUNE 24, 2025
PAGE 2
proposal to expend funds consistent with Community Redevelopment Law, and any other applicable provisions of local, state, or federal law; and
3. Authorize the expenditure of funds consistent with the Agreement in an amount not to exceed $2,000,000.
DISCUSSION
The Housing Authority, in its capacity as the "housing successor" designated under California Health and Safety Code (HSC) 34176, is required to provide its governing body, the City of Downey, with an annual independent financial audit of the LMIHAF and a report of its activities for the preceding year. While completing the most recent annual report, the City's consultant, Tierra West, identified an excess surplus of LMIHAF proceeds beginning in Fiscal Year (FY) 2021-2022 and continuing through the current fiscal year.
The total excess surplus amounts to $1,941,178, and must be encumbered by the end of the fiscal year to avoid transferring the funds to HCD. The proposed agreement transfers the excess surplus to the City to be expended on eligible housing and homeless services within five years.
ANALYSIS
HSC 34176.1 defines "excess surplus" as an unencumbered amount in the LMIHAF exceeding the greater of: (a) $1 million; or (b) the total amount deposited into the Asset Fund during the preceding four fiscal years. The source of LMIHAF proceeds includes repayments for the Heritage Court project loans, repayments for housing rehabilitation loans to individual homeowners, and housing asset deposits that were transferred from the former Redevelopment Agency.
If an excess surplus occurs, the Housing Authority must encumber the funds within three fiscal years of the year the excess surplus began (FY 2021-2022). If the Housing Authority does not encumber the excess surplus within the required three fiscal years, then the Housing Authority must transfer the excess surplus to HCD. To encumber excess surplus, the Housing Authority and the City must approve a binding, legally enforceable agreement. HSC Section 34176.1 imposes specific requirements regarding eligible uses of LMIHAF proceeds:
1. Monitoring and Administration: Monitoring and preserving the long-term affordability of units subject to affordability restrictions or covenants entered into by the former redevelopment agency or the Housing Authority and administering:
a. housing successor activities for homeless prevention and rapid re -housing services for individuals and families who are homeless or would be homeless; and
b. development of housing affordable to and occupied by households earning 80% or less of the area median income.
AGREEMENT TO EXPEND LOW- AND MODERATE -INCOME HOUSING FUND PROCEEDS JUNE 24, 2025
PAGE 3
Monitoring and administration expenses are limited to expending in each fiscal year an amount equal to 5% of the value of properties previously held by the former redevelopment agency, the value of the transfer of housing assets by the Successor Agency, and the purchase price of properties purchased by the Housing Authority, plus the value of loans or grants receivable by the Housing Authority to the LMIHAF. If the 5% calculation results in an amount that is less than $200,000.00 for any given fiscal year, the Housing Authority may expend up to $200,000.00 in that fiscal year for these purposes.
2. Homeless Prevention and Rapid Re -Housing Services: The Housing Authority may expend a maximum of $250,000 each fiscal year for homeless prevention and rapid re -housing services for individuals and families who are homeless or would be homeless, but for this assistance.
3. Development of Low -Income Housing: Any money remaining in the LMIHAF after expenditures for monitoring affordability covenants, administration, and homeless prevention and rapid re -housing services (if any) must be spent for the development of housing affordable to and occupied by households earning 80% or less of area median income:
a. At least 30% of these remaining funds must be spent for the development of rental housing affordable to and occupied by households earning 30% or less of area median income (extremely low-income housing). If the Housing Authority does not comply with this requirement to develop extremely low- income housing in any five-year report, the Housing Authority must spend at least 50% of the remaining money in the LMIHAF each fiscal year for development of rental housing affordable to extremely low-income households, until the Housing Authority demonstrates compliance with this requirement to develop rental housing for extremely low-income households in an annual report.
b. No more than 20% of these remaining funds may be spent for the development of housing affordable to and occupied by households earning between 60% and 80% of area median income. If the Housing Authority exceeds the maximum expenditure limit for housing affordable to low income households earning between 60% and 80% of area median income in any five-year report, the Housing Authority may not spend any more of the remaining money in the Asset Fund assisting housing for low income households earning between 60% and 80% of area median income, until the Housing Authority demonstrates compliance with this expenditure limit in an annual report.
Within ninety days of the effective date of the Agreement, the City will submit a proposal to the Housing Authority detailing uses of the LMIHAF proceeds consistent with eligible uses in HSC Section 34176.1. Staff does not anticipate any challenges expending the funds within the five-year term of the agreement. Once accepted, the Housing Authority will transfer $1,941,178 in LMIHAF proceeds (total not to exceed two million dollars) to
AGREEMENT TO EXPEND LOW- AND MODERATE -INCOME HOUSING FUND PROCEEDS JUNE 24, 2025
PAGE 4
the City. The City must expend the funds within five years of the effective date of the Agreement.
CITY COUNCIL PRIORITIES
Fiscal Responsibility
Economic Vibrancy
Quality of Life
FISCAL IMPACT
Following the Housing Authority's acceptance of the City's proposal, the recommended actions will transfer $1,941,178 in LMIHAF proceeds (total not to exceed two million dollars) from Fund 84 (Successor Agency — Housing) to Fund 10 (General Fund).
ATTACHMENTS
Attachment A: Agreement to Expend Low- and Moderate -Income Housing Fund Proceeds
AGREEMENT TO
EXPEND LOW AND MODERATE INCOME HOUSING ASSET FUND PROCEEDS This Agreement to Expend Low and Moderate Income Housing Asset Fund Proceeds ("Agreement") is entered into this day of June, 2025, by and between the City of Downey, a California municipal corporation (the "City"), and the Housing Authority component of the City of Downey Community Development Commission, as the housing successor for the former redevelopment agency component of the Downey Community Development Commission (the "Housing Authority"). The City and the Housing Authority are hereinafter collectively referred to as the "Parties."
RECITALS
A. Pursuant to the Community Redevelopment Law (Health & Safety Code Section 33000 et al.) ("CRL"), and following dissolution of redevelopment agencies on February 1, 2012, pursuant to Assembly Bill 1X 26, the City Council adopted Resolution No. 12-7317 determining that the City would not retain the housing assets and functions of the former redevelopment agency of the Downey Community Development Commission (the "Former Redevelopment Agency"). Additionally, the City designated the Housing Authority component of the Community Development Commission as the local housing authority to which the housing assets and functions of the Former Redevelopment Agency would be transferred. Pursuant to this determination, the Housing Authority is the "housing successor" under California Health and Safety Code section 34176.
C. On January 4, 2013, the California Department of Finance ("DOF") issued a letter that approved the Housing Asset Transfer Form submitted by the Housing Authority pursuant to California Health and Safety Code section 341.76, which stated that DOF did not object to the assets listed on the Housing Asset Transfer Form, a copy of which is attached hereto as Exhibit A. Based upon this letter, the assets identified on the Housing Assets Transfer Form transferred to the Housing Authority, and have been maintained in a separate Low and Moderate Income Housing Asset Fund ("LMIHAF").
D. The LMIHAF has accumulated proceeds that may be used for purposes authorized by the CRL. Subject to terms and conditions set forth in applicable law, these allowable uses include the development of affordable housing, the provision of services related to housing, and other projects and programs that would benefit the residents of the City.
E. The Housing Authority retained a consultant to prepare required reports for the LMIHAF. These reports identified an "excess surplus" within the LMIHAF that must be expended within three (3) fiscal years, as set forth in California Health and Safety Code section 34176.1.
F. Pursuant to the CRL, the Housing Authority and the City desire to enter into this Agreement for the purposes of encumbering and establishing a legal obligation to expend the moneys in the LMIHAF, including any excess surplus, in accordance with the CRL. -I-
Agt to Expend LMIHAF Proceeds
65186.00221\43889420.1
ATTACHMENT A
G. The Housing Authority desires to expend moneys in the LMIHAF, including any excess surplus, by transferring them to the City for eligible uses under state and local law, and the City desires to receive these funds in its capacity as the City to expend for lawful purposes.
NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises herein contained, the Parties hereby agree as follows:
1. Recitals. The Recitals above are true and correct and are incorporated herein by reference.
2. Term. The term of this Agreement shall commence on the Effective Date, and shall continue in effect for a period of five (5) years.
3. Funding. The Housing Authority agrees to transfer an amount not to exceed Two Million Dollars ($2,000,000.00) for eligible uses from available moneys in the LMIHAF (the "LMIHAF Proceeds").
4. Use of Excess LMIHAF Proceeds. Within ninety (90) days from the Effective Date, the City shall submit a written request for the LMIHAF Proceeds that details the proposed uses of the funds. The Housing Authority shall review the request and, upon a determination that the proposed uses are consistent with the CRL, the Housing Authority shall transfer the LMIHAF Proceeds to the City. The City agrees that it shall use the LMIHAF Proceeds solely for the uses approved by the Housing Authority, subject to the requirements of the CRL, and any other applicable provisions of local, state or federal law.
5. Encumbrance of Funds and Legal Obligation to Expend LMIHAF Proceeds.
Upon the Effective Date, the LMIHAF :Proceeds, as defined herein, shall be deemed encumbered for the uses authorized herein and the Housing Authority shall have an enforceable legal obligation to transfer the LMIHAF Proceeds in accordance with this Agreement and, upon such transfer, the City shall retain the LMIHAF Proceeds for the City's use in accordance with the terms, conditions and purposes set forth in this Agreement and applicable law.
6. Project Approvals; Environmental Review. This Agreement is not intended to limit in any manner the discretion of the City in connection with the issuance of approvals and entitlements for the projects described in this Agreement, nor to avoid legally required processes attendant to project approval, including, without limitation, the undertaking and completion of any required environmental review pursuant to the California Environmental. Quality Act and the National Environmental Protection Act, as applicable, and the review and approval of plans and specifications.
7. Severability. If any term, provision, covenant, or condition set forth in this Agreement is held by the final judgment of a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions, covenants, and conditions shall continue in full force and effect to the extent that the basic intent of the Parties as expressed herein can be accomplished. In addition, the Parties shall cooperate in good faith in an effort to amend or -2-
Agt to Expend LMIHAF Proceeds
65186.00221\43889420.1
modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant or condition can be accomplished to the maximum extent legally permissible.
8. No Third -Party Beneficiaries; Assignments. Nothing in this Agreement is intended to create any third -party beneficiaries to this Agreement, and no person or entity other than the Successor Agency and the City, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement.
9. Further Assurances. Each Party agrees to execute, acknowledge and deliver all additional documents and instruments, and to take such other actions as may be reasonably necessary to carry out the intent of the transactions contemplated by this Agreement.
10. Governing; Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California.
11. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument.
12. Amendment. This Agreement may be modified or amended, in whole or in part, only by an instrument in writing, executed by the Parties. [Signatures on following page]
-3-
Agt to Expend LMIHAF Proceeds
65186.00221\43889420.1
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.
CITY OF DOWNEY, a California
municipal corporation
By:
Name: Roger Bradley
Title: City Manager
Attest:
Bv:
Name: Alicia Duarte
Title: City Cleric
Approved as to Form:
By: V-" 'hy- T".,A
Name ohn Funk
Title: City Attorney
HOUSING AUTHORITY, a component of
the Downey Community Development
Commission, and as the housing successor
By:
Name: Roger Bradley
Title: Executive Director
-4-
Agt to Expend LMIHAF Proceeds
65186.00221 \43 889420.1
EXHIBIT A
-5-
Agt to Expend LMIHAF Proceeds
65186.00221\43889420.1
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ac DEPARTMENT OF EDMUND G. BROWN JR. • GOVERNOR
C9��FORN�P F I N A N C E 9 1 5 L STREET ■ SACRAMENTb GA ■ 95151 4-3706 ■ WWW.DOF.CA.GOV January 4, 2013
Mr. Brian Saeki, Community Development Director
City of Downey
11111 Brookshire Avenue
Downey, CA 90241
Dear Mr. Saeki:
Subject: Housing Assets Transfer Form
This letter supersedes Finance's Housing Asset Transfer Form letter dated August 31, 2012.
Pursuant to Health and Safety Code (HSC) section 34176 (a) (2), Downey Community Development Commission — Housing Authority (Authority) submitted a Housing Assets Transfer Form (Form) to the California Department of Finance (Finance) on August 1, 2012 for the period February 1, 2012 through August 1, 2012. Finance issued its determination related to those transferred assets on August 31, 2012. Subsequently, the Agency requested a Meet and Confer session for one or more of the items denied by Finance. The Meet and Confer session was held on January 3, 2013.
HSC section 34176 (e) defines a housing asset. Based on a review of additional information and documentation provided to Finance during the Meet and Confer process, Finance has completed its review of those specific items being disputed as follows:
• Exhibit A, Items 2 and 3 — Real Properties with a carrying value totaling $2.2 million.
The Authority provided documentation to establish ownership of the assets and demonstrated the items were acquired for low -and -moderate -income housing purposes and eligible for transfer pursuant to HSC 34176 (e). Therefore, Finance no longer objects to the transfer of these items.
This is Finance's final determination related to the assets reported on your Form. Finance is not objecting to the remaining items listed on your Form, if any.
Please direct inquiries to Evelyn Suess, Dispute Resolution Supervisor or Danielle Brandon, Analyst at (916) 445-1546.
Sincerely,
rz
STEVE SZALAY
Local Government Consultant
cc: Mr. Ed Velasco, Housing Manager, City of Downey
Ms. Kristina Burns, Manager, Los Angeles County Department of Auditor -Controller California State Controller's Office
RESOLUTION NO.
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
DOWNEY SUCCESSOR AGENCY DIRECTING THE
TRANSFER OF CERTAIN HOUSING FUNCTIONS AND
ASSETS TO THE DOWNEY COMMUNITY DEVELOPMENT
COMMISSION
WHEREAS, pursuant to Health and Safety Code Section 34175(b) and the State of California Supreme Court decision in California Redevelopment Association, et al. v Ana Matosantos, et al. (53 Cal.4th 231(2011), on February 1, 2012, all housing assets, properties, contracts, leases, books, records, buildings, and equipment of the former redevelopment functions of the City of Downey Community Development Commission (the "Agency") transferred to the control of the Successor Housing Agency, which was the Downey Community Development Commission ("Housing Authority") by operation of law; and WHEREAS, the City Council of the City of Downey adopted Resolution No. 12-7317 on January 10, 2012, electing that the housing authority component of the Community Development Commission of the City of Downey as the local Housing Authority to retain the housing assets of the former City of Downey Redevelopment Agency as allowed by law and functions previously performed by the former Agency; and WHEREAS, health and Safety Code Section 34177(g) directs the Successor Agency to effectuate the transfer of housing functions and assets to the appropriate entity designated pursuant to Health and Safety Code Section 34176, and Health and Safety Code Section 34181(c) provides that the oversight board of the Successor Agency ("Oversight Board") shall direct the Successor Agency to transfer housing assets pursuant to Health and Safety Code Section 34176; and
WHEREAS, pursuant to Health and Safety Code Section 34176(a)(2), On August 1, 2012, the Successor Agency submitted to the State Department of Finance ("DOF") a list (the "Housing Assets Transfer Form") of all housing assets including any assets transferred on or after February 1, 2012, attached hereto as Exhibit A and incorporated herein by reference; and WHEREAS, by written correspondence dated January 4, 2013, the DOF notified the Successor Agency that it was not objecting to the assets and transfers of assets include on the Housing Asset Transfer Form submitted to DOF on August 1, 2012, and WHEREAS, the Oversight Board desires to direct the transfer of all assets identified on the Housing Assets Transfer Form as housing assets eligible for transfer as approved by the DOF pursuant to Health and Safety Code Section 34176(a)(2); and WHEREAS, pursuant to Health and Safety Code Sections 34178(f) and 34181(f), notice of this action was posted on the City's website on January 7, 2013.
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE DOWNEY SUCCESSOR AGENCY DOES HEREBY RESOLVES AS FOLLOWS:
SECTION 1. The above recitals are true and correct and are a substantive part of this Resolution.
SECTION 2. This Resolution is adopted pursuant to Health and Safety Code Sections 34177(g) and 34181(c).
RESOLUTION NO.
PAGE TWO
SECTION 3. The Successor Agency is hereby authorized and directed to transfer housing assets to the Downey Community Development Commission:
(a) The housing assets identified on the Housing Assets Transfer Form, heretofore or hereafter approved or deems approved by the DOF pursuant to Health and Safety Code Section 34176(a)(2), and
(b) All rights, powers, duties, and obligations associated with the housing activities of the former Agency related to the housing assets transferred pursuant to this Section
3. SECTION 4. The staff of the Successor Agency is hereby directed to provide DOF written notice and information regarding the action taken by the Oversight Board pursuant to this Resolution. Such notice and information shall be provided by elec-tronic means and in a manner of DOF's choosing.
SECTION 5. The staff and the Board of the Successor Agency are hereby authorized and directed, jointly and severally, to execute and record such documents and instruments and to do any and all other things that they may deem necessary or advisable to effectuate this Resolution.
APPROVED AND ADOPTED THIS 10'h DAY OF JANUARY, 2013.
BRIAN SAEKI, Chairman
ATTEST:
ADRIA M. JIMENEZ, Secretary
State of California )
County of Los Angeles )ss.
City of Downey )
I, Adria M. Jimenez, Secretary of the Oversight Board of the Successor Agency to the former Redevelopment Agency of the City of Downey, California ("Oversight Board"), do hereby certify the foregoing Resolution was duly adopted by said Oversight Board at a regular meeting held on the 10t day of January 2013, by the following vote, to wit:
Ayes: Oversight Board Members:
Noes: Oversight Board Members:
Absent: Oversight Board Members:
Abstained: Oversight Board Members:
ADRIA M. JIMENEZ, Secretary
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