City of Fresno
Staff Report
2600 Fresno Street
Fresno, CA 93721
www.fresno.gov
File #: ID 22-983 Agenda Date: 6/15/2022 Agenda #:
JOINT MEETING OF THE FRESNO REVITALIZATION CORPORATION AND CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY.
DATE: June 15, 2022
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Receive Annual Report and Approve FY 22/23 Program Income Budget for the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno
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 22/23 Program Income Budget.
BACKGROUND
Pursuant to Dissolution Law, the Superior Court of California County of Sacramento issued a Ruling in February of 2014 confirming the Housing Successor’sownership of affordable housing assets of the former Redevelopment Agency as listed in the housing asset transfer schedule prepared by FHS and submitted to the Department of Finance. 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 (as amended by SB 341 and 107). Changes from the Dissolution law resulted in new and various requirements for affordable housing that include income limits for program income fund expenditures and the preparation of an annual report of affordable housing activities described in the following:
Annual Report (SB107)
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 City of Fresno Printed on 6/13/2022Page 1 of 4
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File #: ID 22-983 Agenda Date: 6/15/2022 Agenda #:
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 affordable housing development. From a total of eighty parcels fifty four have been developed with affordable housing. Activity for development has been initiated on the remaining twenty six parcels including eleven under contract. A primary purpose of the Annual Report is to enable the State to monitor compliance in meeting the extremely low affordability test and the excess funds surplus test. The FHS is in full compliance with requirements for both affordability and excess funds. The Annual Report for the current reporting period of FY 20/21 is attached and posted on the Agency’s web site.
Income Limits/Expenditure Requirements (SB107)
The expenditure requirements and affordable housing real property development drive the Housing Successor program budget. Following the administrative allocation the remaining program income must be spent as follows: (i) at least 30% of the funds must be spent for the development of rental housing affordable to and occupied by extremely low income households earning 30% or less of the area median income; (ii) no more than 20% of the funds may be spent for the development of housing affordable to and occupied by households earning between 60% and 80% of the area median income; and, (iii) 50% of the funds may be spent for the development of housing affordable to and occupied by households earning 60% or less of the area median income. Failure to comply with the 30% of net program income for the 30% of AMI requirement will result in an increase to 50% of net program income for the 30% AMI requirement until the extremely low income targeting requirement is met.
Additionally, to the extent that the Housing Successor fails to comply with an excess surplus test (i.e. unencumbered funds that exceed the greater of $1,000,000 or the total amount of net program income deposits over the previous four years), the excess surplus must be transferred to the Department of Housing and Community Development if not spent within a period of three years. The income targets for FY 22/23 are shown in the attached FY 22/23 Program Income Funds Budget.
Primary budget consideration must be given to ensure that over multiple fiscal years, the proper percentage of net program income funds are encumbered as required within each target income category.
Administration, Operations and Maintenance
Under Section 34176.1(a)(1), as amended by SB 107, the Housing Successor, is allowed 5% of the statutory value of real property and loans and grants receivables equaling $1,356,001.70 for the purpose of monitoring and preserving the long term affordability of units subject to affordability restrictions or covenants entered into by the former redevelopment agency and the housing successor; for the development of affordable housing pursuant to income limits; and, for the purpose of administering the housing successor’sactivities. The Agency’sFY 22/23 budget of $575,000 is 2.1% of the value thus well below the allowable amount of 5%.
Program Income Funds Budget FY 22/23
The FY 22/23 Housing Successor Budget has been prepared in accordance with applicableCity of Fresno Printed on 6/13/2022Page 2 of 4 powered by Legistar™
File #: ID 22-983 Agenda Date: 6/15/2022 Agenda #:
The FY 22/23 Housing Successor Budget has been prepared in accordance with applicable requirements and plan objectives.
In FY 22/23 the Housing Successor estimates receipt of $467,034.40 from the annual City/Agency loan repayment (HSC Section 34191.4); and $50,000 from single and multi-family loan repayments. The total estimated program income for FY 22/23 is $517,034.40. During FY 21/22 the Agency received higher than anticipated loan repayments including an unexpected LMIHAF loan payoff. Net of $4,857,601.48 encumbered for approved projects, and $575,000 for personnel, operations and maintenance the available program fund for FY 22/23 is $2,893,110.51. In accordance with requirements for targeted income limits and for the development of real property acquired by FHS for affordable housing purposes the budget provides for affordable residential development on FHS owned property at Florence and Plumas Avenues in southwest Fresno and Mono, F and G Streets in the Chinatown Area and Successor Agency property at Santa Clara and M Street. The Program Income Targets for FY 22/23 shown in the attached budget are: $867,933.15; $1,446,555.25; and $578,622.10 for extremely low; very low and low income households respectively.
Housing Asset Fund Transfer
On February 11, 2014 the Superior Court of California, County of Sacramento, ruled that certain enforceable obligations and the funds encumbered to carry out the enforceable obligations and related activities to provide and monitor affordable housing are housing assets under the jurisdiction of the Housing Successor of the City of Fresno. The enforceable obligations are pursuant to owner participation agreements and disposition and development agreements. The schedule for those court approved obligations and related expenditures are included in Housing Asset Transfer attachment.
Affordable Housing Overview
The attached chart provides an overview of affordable housing development by the FHS since dissolution of the former redevelopment agency. The first table “Affordable Housing Development Expenditures by Income Target Requirements” provides the percentage of Program Income Funds spent per income category and illustrates that 42.2 %, 43.7 % and
14.1 % of Program Income has been allocated to households at 30%; 30-60% and 60-80% of AMI respectively for approved and or completed projects. The second table illustrates the number of units occupied by AMI level and includes mixed income developments that together provide 480 affordable and 173 market rate units with a combined total of 653 units. The last table shows the expenditure per unit that generally reflects the importance of FHS dollars that leverage private equity or other public funding sources.
CONCLUSION
Staff recommends that the Housing Successor to the Redevelopment Agency of the City of Fresno and the Fresno Revitalization Corporation approve the FY 22/23 Housing Successor Budget.
City of Fresno Printed on 6/13/2022Page 3 of 4
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File #: ID 22-983 Agenda Date: 6/15/2022 Agenda #:
Attachments:
1. FHS Annual Report for the Fiscal Year 20/21
2. FHS FY 22/23 Program Income Budget
3. Housing Asset Transfer
4. Overview-Affordable Housing
City of Fresno Printed on 6/13/2022Page 4 of 4
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HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY ANNUAL REPORT
REGARDING THE
LOW AND MODERATE INCOME HOUSING ASSET FUND
FOR FISCAL YEAR [20-21]
PURSUANT TO
CALIFORNIA HEALTH AND SAFETY CODE SECTION 34176.1(f)
FOR THE
CITY OF FRESNO
This Housing Successor Annual Report (Report) regarding the Low and Moderate Income Housing Asset Fund (LMIHAF) has been prepared pursuant to California Health and Saf ety Code Section 34176.1(f) and reflects data through June 30, 2021. This Report sets forth certain details of the housing activities of the City of Fresno, successor to the former Redevelopment Agency of the City of Fresno during Fiscal Year 20 2020-2021. The purpose of this Report is to provide the governing body of the Housing Successor an annual report on the housing assets and activities of the Housing Successor under Part 1.85, Division 24 of the California Health and Safety Code, in particular sections 34176 and 34176.1 (Dissolution Law).
The following Report is based upon information prepared by Housing Successor staff and information contained within the independent financial audit of the LOW AND MODERATE INCOME HOUSING ASSET SPECIAL REVENUE FUND OF THE CITY OF FRESNO, CALIFORNIA for Fiscal Year 202020-21 as prepared by MACIAS GINI & O’CONNELL LLP, which Audit is separate from this annual summary Repor t; further, this Report conforms with and is organized into sections I. through XI II., inclusive, pursuant to Section 34176.1(f) of the Dissolution Law:
I. Loan Repayments: The amount the city, county or city and county received pursuant to subparagraph (A) of paragraph (3) of subdivision (b) of Section 34191.4.
II. Amount Deposited into LMIHAF: This section provides the total amount of funds deposited into the LMIHAF during the Fiscal Year. Any amounts deposited for items listed on the Recognized Obligation Payment Schedule (ROPS) must be distinguished from the other amounts deposited.
III. Ending Balance of LMIHAF: This section provides a statement of the balance in the LMIHAF as of the close of the Fiscal Year. Any amounts deposited for items listed on the ROPS must be distinguished from the other amounts deposited.
IV. Description of Expenditures from LMIHAF: This section provides a description of the expenditures made from the LMIHAF during the Fiscal Year. The expenditures are to be categorized.
V. Statutory Value of Assets Owned by Housing Successor: This section provides the statutory value of real property owned by the Housing Successor, the value of loans and grants receivables, and the sum of these two amounts.
VI. Description of Transfers: This section describes transfers, if any, to another housing successor agency made in previous Fiscal Year(s), including whether the funds are unencumbered and the status of projects, if any, for which the transferred LMIHAF will be used. The sole purpose of the transfers must be for the development of transit priority projects, permanent supportive housing, housing for agricultural employees or special needs housing.
VII. Project Descriptions: This section describes any project for which the Housing Successor receives or holds property tax revenue pursuant to the ROPS and the status of that project.
VIII. Status of Compliance with Section 33334.16: This section provides a status update on compliance with Section 33334.16 for interests in real property acquired by the former redevelopment agency prior to February 1, 2012. For interests in real property acquired on or after February 1, 2012, provide a status update on the project.
IX. Description of Outstanding Obligations under Section 33413: This section describes the outstanding inclusionary and replacement housing obligations, if any, under Section 33413 that remained outstanding prior to dissolution of the former redevelopment agency as of February 1, 2012 along with the Housing Successor’s progress in meeting those prior obligations, if any, of the former redevelopment agenc y and how the Housing Successor’s plans to meet unmet obligations, if any.
X. Income Test: This section provides the information required by Section 34176.1(a)(3)(B), or a description of expenditures by income restriction for five year periods, with the first time-period covering 2014-2019 and whether the statutory thresholds have been met.
XI. Senior Housing Test: This section provides the percentage of units of deed -restricted rental housing restricted to seniors and assisted individually or jointly by the Housing Successor, its former redevelopment Agency, and its host jurisdiction within the previous 10 years in relation to the aggregate number of units of deed-restricted rental housing assisted individually or jointly by the Housing Successor, its former Redevelopment Agency and its host jurisdiction within the same time period. For this Report the ten-year period reviewed is July 1, 2011 – June 30, 2021.
XII. Excess Surplus Test: This section provides the amount of excess surplus in the LMIHAF, if any, and the length of time that the Housing Successor has had excess surplus, and the Housing Successor’s plan for eliminating the excess surplus.
XIII. Homeownership Units: An inventory of homeownership units assisted by the former redevelopment agency or the housing successor that are subject to covenants or restrictions or to an adopted program that protects the former redevelopment agency’s investment of moneys from the Low and Moderate Income Housing Fund pursuant to subdivision (f) of Section 33334.3. This inventory shall include all of the following information:
(A) The number of those units.
(B) In the first report pursuant to this subdivision, the number of units lost to the portfolio after February 1, 2012, and the reason or reasons for those losses. For all subsequent reports, the number of units lot to the portfolio in the last fiscal year and the reason for those losses. (C) Any funds returned to the housing successor as part of an adopted program that protects the former redevelopment agency’s investment of moneys from the Low and Moderate Income Housing Fund.
(D) Whether the housing successor has contracted with any outside entity for the management of the units and, if so, the identity of the entity.
This Report is to be provided to the Housing Successor’s governing body. In addition, this Report and the former redevelopment agency’s pre-dissolution Implementation Plans are to be made available to the public on the former redevelopment agency’s website at http://www.fresnorda.com/.
I. LOAN REPAYMENT
A total of $829,801.00 was deposited into the LMIHAF during the Fiscal Year for loan repayments pursuant to subparagraph (A) of paragraph (3) of subdivision (b) of Section 34191.4.
II. AMOUNT DEPOSITED INTO LMIHAF
A total of $2,478,444.87 of program income from loan repayments , bond proceeds, property sales and the city/agency loan repayment described above was deposited into the LMIHAF during the Fiscal Year.
Of the total funds deposited into the LMIHAF, zero dollars were deposited for items listed on the ROPS.
III. ENDING BALANCE OF LMIHAF
At the close of the Fiscal Year, the ending balance in the LMIHAF was $9,253,845.15, of which $2,089,476.62 was held for expenditures from funds encumbered by enforceable obligations that transferred to the Housing Successor on February 1, 2012 in accordance with Health & Safety Code Section 34176(e)(2) (the transfer of which was affirmed by the Superior Court, County of Sacramento, pursuant to a Ruling on a Petition for Writ of Mandate and Complaint for Declaratory and Injunctive Relief filed/endorsed on February 11, 2014), and zero dollars were held for items listed on the ROPS.
IV. DESCRIPTION OF EXPENDITURES FROM LMIHAF
The following is a description of expenditures from the LMIHAF by category:
LMIHAF EXPENDITURES FOR THE FISCAL YEAR 2020-21
Monitoring and Administration Expenditures $ 234,909.56 Homeless Prevention and Rapid Rehousing Services Expenditures Housing Development Expenditures:
- For Low Income Units
- For Very Low Income Units
- For Extremely Low Income Units
Total LMIHAF Expenditures in Fiscal Year 2020-21 $ 234,909.56
California Health and Safety Code Section 34176.1 allows for 5% of the total $27,120,034 value of Housing Successor assets, or $1,356,002 , to be used on monitoring and administrative expenditures. The Housing Successor continues to monitor and manage $27,120,034 in LMIHAF assets.
V. STATUTORY VALUE OF ASSETS OWNED BY HOUSING SUCCESSOR IN LMIHAF Under the Dissolution Law and for purposes of this Report, the “statutory value of real property” means the value of properties formerly held by the former redevelopment agency as listed on the housing asset transfer schedule approved by the Department of Finance as listed in such schedule under Section 34176(a)(2), the value of the properties transferred to the Housing Successor pursuant to Section 34181(f), and the purchase price of property (i.e.) purchased by the Housing Successor. Further, the value of loans and grants receivable is included in these reported assets held in the LMIHAF.
The following provides the statutory value of assets owned by the Housing Successor.
STATUTORY VALUE OF HOUSING SUCCESSOR ASSETS AT END OF FISCAL YEAR 2020-21 Statutory Value of Real Property Owned by
Housing Successor
$ 4,756,230
Value of Loans and Notes Receivable $22,363,804
Total Value of Housing Successor Assets $27,120,034
VI. DESCRIPTION OF TRANSFERS
The Housing Successor did not make any LMIHAF transfers to other Housing Successor(s) under Section 34176.1(c)(2) during the Fiscal Year.
VII. PROJECT DESCRIPTIONS
The Housing Successor does not receive or hold property tax revenue pursuant to the ROPS.
VIII. STATUS OF COMPLIANCE WITH SECTION 33334.16
Section 34176.1 provides that Section 33334.16 does not apply to interests in real property acquired by the Housing Successor on or after February 1, 2012; however, this report presents a status update on the projects related to such real property.
With respect to interests in real property acquired by the former redevelopment agency prior to February 1, 2012 , the Housing Successor must initiate activities consistent with the development of the real property for the purpose for which it was acquired within five years of the date the D OF approved such property as a Housing A sset. The Housing Assets held by the Housing Successor in the LMIHAF were conclusively approved pursuant to Ruling on Petition for Writ of Mandate and Complaint for Declaratory and Injunctive Relief filed and endorsed on February 11, 2014.
DEVELOPMENT ACTIVITY
ADDRESS OF
PROPERTY
DATE OF ACQUISITION DEADLINE TO INITIATE
DEVELOPMENT
ACTIVITY
STATUS OF HOUSING
SUCCESSOR ACTIVITY
84 E. Geary 10/30/07 February 11, 2019 DDA
86 E. Geary 11/18/75 February 11. 2019 DDA
66 E. Geary 10/23/75 February 11, 2019 DDA
23 E Florence 2/11/08 February 11,, 2019 DDA
29 E Florence 2/11/08 February 11, 2019 DDA
74 E Geary 9/2/77 February 11, 2019 DDA
E Florence –
APN 477-144-30T
10/21/03 February 11, 2019 DDA
2304 S Walnut 2/29/08 February 11, 2019 DDA
887 Fulton Mall 2/28/07 February 11, 2019 PSA
835 Fulton Mall 9/26/08 February 11, 2019 DDA
829 Fulton Mall 5/26/10 February 11, 2019 DDA
1405 E. Annadale 11/30/07 February 11, 2019 DDA
1107 “B” Street 3/17/03 February 11, 2019 AHES; Development analysis
1511 “B” Street 10//7/05 February 11, 2019 AHES; Development analysis
1515 “B” Street 10/7/15 February 11, 2019 AHES; Development analysis
California/Plumas –
APN 477-121-05/06
5/16/07 February 11, 2019 AHES; Development
analysis
130 W. Lemon 10//9/07 February 11, 2019 Adopted CAP/AHES 33 E Atchison 4/14/09 February 11, 2019 Feasibility analysis in progress
146 E Florence 9/15/06 February 11, 2019 Adopted CAP/AHES 3702 E Ventura 9/29/07 February 11, 2019 Feasibility analysis in progress
Mono/G/F- APN 467-
073-
05; 06; 07; 16; 081-16
2/24/09-7/13/10 February 11, 2019 AHES; Development
analysis
NPAHD - Non Profit Affordable Housing Developer; CAP - Consolidated Action Plan; PSA - Purchase/Sale Agreement in progress; AHES - Affordable Housing Element Site
IX. DESCRIPTION OF OUTSTANDING OBLIGATIONS PURSUANT TO SECTION 33413 Replacement Housing: According to the former redevelopment agency’s 2010-15 REDEVELOPMENT AGENCY OF THE CITY OF FRESNO FIVE YEAR IMPLEMENTATION PLANS for the Merger No. 1; Merger No. 2; Central City Commercial; Freeway 99-Golden State Boulevard; Fresno Air Terminal; South Fresno Industrial; Airport Area; and the Southeast Fresno Redevelopment Project Areas and the 2007-2012 REDEVELOPMENT AGENCY OF THE CITY OF FRESNO FIVE YEAR IMPLEMENTATION PLAN for the Roeding
Business Park Redevelopment Project Area , no Section 33413(a) replacement housing obligations were transferred to the Housing Successor. The former redevelopment agency’s Implementation Plans are posted on the former redevelopment agency’s website at http://www.fresnorda.com/ .
Inclusionary/Production Housing. According to the former redevelopment agency’s 2010-15 REDEVELOPMENT AGENCY OF THE CITY OF FRESNO FIVE YEAR IMPLEMENTATION PLANS for the Merger No. 1; Merger No. 2; Central City Commercial; Freeway 99-Golden State Boulevard; Fresno Air Terminal; South Fresno Industrial; Airport Area; and the Southeast Fresno Redevelopment Project Areas and the 2007-2012 REDEVELOPMENT AGENCY OF THE CITY OF FRESNO FIVE YEAR IMPLEMENTATION PLAN for the Roeding Business Park Redevelopment Project Area , no Section 33413(b) inclusionary/production housing obligations were transferred to the Housing Successor. The former redevelopment agency’s Implementation Plans are posted on the former redevelopment agency’s website at http://www.fresnorda.com/
.
X. EXTREMELY-LOW INCOME TEST
Section 34176.1(a)(3)(B) requires that the Housing Successor must require at least 30% of the LMIHAF to be expended for development of rental housing affordable to and occupied by households earning 30% or less of the AMI. If the Housing Successor fails to comply with the Extremely-Low Income requirement in any five-year report, then the Housing Successor must ensure that at least 50% of the funds remaining in the LMIHAF be expended in each fiscal year following the latest fiscal year following the report on households earning 30% or less of the AMI until the Housing Successor demonstrates compliance with the Extremely-Low Income requirement.
LMIHAF Program Income funds have been encumbered pursuant to development agreements.
However, there were no LMIHAF housing development expenditures from January 1, 2014 through June 30, 2019. The next five-year reporting period will be FY 19/20 through FY 23/24.
XI. SENIOR HOUSING TEST
The Housing Successor is to calculate the percentage of units of deed-restricted rental housing restricted to seniors and assisted by the Housing Successor, the former redevelopment agency and/or the City within the previous 10 years in relation to the aggregate number of units of deed-restricted rental housing assisted by the Housing Successor, the former redevelopment agency and/or City within the same time period. If this percentage exceeds 50%, then the Housing Successor cannot expend future funds in the LMIHAF to assist additional senior housing units until the Housing Successor or City assists and construction has commenced on a number of restricted rental units that is equal to 50% of the total amount of deed-restricted rental units.
Senior Housing Test July 1, 2011 – June 30, 2021
# of Assisted Senior Rental Units 39
# of Total Assisted Rental Units 425
Senior Housing Percentage in Past 10 Years 9.2%
Maximum Allowable 50%
As the percentage of assisted affordable rental units for seniors constituted only 9.2% of all assisted affordable rental units in the past 10 years, this is far under the 50% threshold test, so the test is met.
XII. EXCESS SURPLUS TEST
Excess Surplus is defined in Section 34176.1(d) as an unencumbered amount in the account that exceeds the greater of one million dollars ($1,000,000) or the aggregate amount deposited into the account during the Housing Successor’s preceding four Fiscal Years, whichever is greater.
The following provides the Excess Surplus test for the preceding four Fiscal Years:
Preceding Four Fiscal Years
FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21
Beginning
Balance
$7,369.747.29 $6,697,726.00 $8,169,836.56 $9,667,242.02 $7,021,569.38 Add: Program
Income
Deposits (Loan
Repayment,
Rent and
Property Sales)
251,075.61 851,560.90 $1,132,492.80 $144,281.86 $1,648,643.87 Add: Program
Income - 20%
City/Agency
Loan Payment
Deposit
992,235.00 800,724.00 $1,043,839.00 $851,597.00 $829,801.00 Add:
Encumbered
Funds Deposits
Less: Program
Income
Expenditures
(229,021.28) (175,398.44) ($314,552.45) (422,621.10) (234,909.56) Less:
Encumbered
Enforceable
Obligation Fund
Expenditures*
(1,686,310.62) (4,775.90) ($364,373.89) (18,930.40) (11,259.54) Less:
Encumbrances
(3,988,816.35) (7,645,040.45) ($8,355,416.56) ($5,136,486.16) ($6,267,078.10) Unencumbered
Balance
$2,708,909.65 $524,796.11 $1,311,825.46 $1,885,402.32 $ 2,986,767.05
*Expenditures From Funds Encumbered by Enforceable Obligations which Transferred to the Housing Successor on February 1, 2012 in accordance with Health & Safety Code Section 34176(e)(2) and Affirmed by the Superior Court, County of Sacramento, Pursuant to Ruling on Petition for Writ of Mandate and Complaint for Declaratory and Injunctive Relief Filed/Endorsed on February 11, 2014.
The LMIHAF does not have an Excess Surplus. The aggregate program income deposited into the account during the preceding four Fiscal Years is $6,067,806.17. The unencumbered amount of $2,986,767.05 does not exceed the aggregate amount deposited.
XIII. HOMEOWNERSHIP UNITS
The Housing Successor is to provide an inventory of homeownership units assisted by the former redevelopment agency or the housing successor that are subject to covenants or restrictions or to an adopted program that protects the former redevelopment agency’s investment of moneys from the Low and Moderate Income Housing Fund pursuant to subdivision (f) of Section 33334.3.
A. Number of Homeownership Units as of 6/30/21
Number of Homeownership Units 59
B. Homeownership Units lost after February 1, 2012
Units Lost Reason for Loss
54 Loans paid off
356 Forgiven Loans
24 Loans written off due to foreclosure or short sale
C. $73,052.49 of funds were returned to the housing successor during the Fiscal Year as part of an adopted program that protects the former redevelopment agency’s investment of moneys from the Low and Moderate Income Housing Fund.
D. The housing successor has not contracted with an outside entity for the management of the single family homeownership loans.
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS ESTIMATE BUDGET (3/31/22)
SOURCES OF FUNDS
Beginning Cash Balance 739,437.70$ 1,771,523.56$ 3,194,620.32 4,208,909.65 5,685,796.11 7,547,575.46 4,920,833.22 7,164,368.53 7,808,677.59 Program Income ‐ Loan Repayments 257,346.18 244,463.57 178,391.61 195,265.02 1,104,057.63 144,281.86 1,168,511.87 500,590.86 50,000.00 Program Income ‐ NSP Program ‐ ‐ ‐ ‐ ‐
Program Income ‐ Purchase Option/Property Sales 653,063.83 65,659.00 655,195.88 (484.83) ‐ ‐ ‐ ‐ Program Income ‐ Rent 3,600.00 3,600.00 6,025.00 1,100.00 (600.00) ‐ ‐ ‐ ‐ Program Income ‐ Other ‐ ‐ 1,000.00 29,520.00 ‐ ‐ ‐ ‐ Program Income ‐ Bond Proceeds 480,132.00 ‐ Loan from COF ‐ Blackstone/McKinley ‐ ‐ ‐
20% City/Agency Loan Repayment 844,236.40 687,671.00 992,235.00 800,724.00 1,043,839.00 851,597.00 829,801.00 433,123.00 467,034.40 Program Project Expense ‐ 329 College
Program Project Expense ‐ Blackstone/McKinley
Program Project Expense ‐ Annadale/Elm (3,200,000.00)
Program Income Expenses (73,096.72) (165,701.64) (229,021.28) (175,398.44) (314,552.45) (422,621.10) (234,909.56) (289,404.80) ‐ Ending Cash Balance/Total Sources of Funds 1,771,523.56 3,194,620.32$ 4,208,909.65$ 5,685,796.11$ 7,547,575.46$ 4,920,833.22$ 7,164,368.53$ 7,808,677.59$ 8,325,711.99$
Less: Encumbered Funds ‐ Blackstone/McKinley (1,500,000.00) (1,500,000.00) (2,200,000.00) (2,200,000.00) (2,200,000.00) (2,200,000.00) (2,200,000.00) (2,200,000.00) Less: Encumbered Funds ‐ Annadale/Elm (2,900,000.00) (3,500,000.00) (300,000.00) (300,000.00) (300,000.00) (300,000.00) Less: Encumbered Funds ‐ Loan Repayment ‐ Blackstone/McKinley (474,750.00) (474,750.00) (474,750.00) (474,750.00) (474,750.00) Less: Encumbered Funds ‐ 329 N College (61,000.00) (61,000.00) (61,000.00) (61,000.00) (61,000.00) (61,000.00) Less: Encumbered Funds ‐ South Stadium (659,298.00) (659,298.00) (659,298.00) Less: Encumbered Funds ‐ Florence/Walnut (680,000.00)$ (680,000.00)$ Less: Encumbered Funds ‐ 1740 Van Ness (482,553.48)$ (482,553.48)$ (482,553.48)$ Ending Unencumbered Cash Balance/Total Sources of Unencumbered 1,694,620.32$ 2,708,909.65$ 524,796.11$ 1,311,825.46$ 1,885,083.22$ 2,986,767.05$ 2,951,076.11$ 3,468,110.51$ USES OF RESTRICTED UNENCUMBERED FUNDS:
Administration (1):
Personnel Salaries & Benefits 225,000.00$
Operations and Maintenance 350,000.00
Sub‐Total ‐ Administration (4,857,601.48)$ 575,000.00$ Affordable Housing Development:
HSA Property ‐ Florence/Plumas, M/Santa Clara, Mono/G
Income Target Requirements:
Development of Affordable Housing‐30% AMI
867,933.15 867,933.15$
Development of Affordable Housing‐30‐60% AMI 1,446,555.25 1,446,555.25 Development of Affordable Housing‐60‐80% AMI 578,622.10 578,622.10 Sub‐Total ‐ Affordable Housing Development 2,893,110.51$ 2,893,110.51$
(1) Administrative Allowance pursuant to California Health & Safety Code Section 34176.1(a).
HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO FY22‐23 PROGRAM INCOME FUNDS BUDGET
Total Amounts Paid Through ROPS 21-22 Feb - Jun ACT/BUD 3/31 BALANCE ROPS 22-23 Total ROPS I ROPS II ROPS III ROPS 13-14 ROPS 14-15 ROPS15-16 ROPS16-17 ROPS17-18 ROPS18-19 ROPS19-20 ROPS 20-21 ROPS 21-22 REMAINING BUDGET Balance Hotel Frezno, LLC 2,075,053.93 (5,212.85) (5,955.42) - - - - (889,928.23) - (360,155.89) - - (18,451.09) 795,350.45 (795,350.45) - TFS Invesments, LLC - Fultonia West 480,832.59 (3,712.85) (5,355.42) (17,221.44) - (435,000.00) - - - - - - - 19,542.88 (2,931.43) 16,611.45 FFDA Properties, LLC - L Street 775,195.98 (6,188.10) (11,325.70) (17,221.44) (480,000.00) (240,000.00) - - - - - - - 20,460.74 (3,069.11) 17,391.63 FFDA Properties, LLC - 1612 Fulton Street 698,338.21 (6,188.10) (444,657.70) (233,887.44) - - - - - - - - - 13,604.97 (2,040.75) 11,564.22 FFDA Properties, LLC - 1608 Broadway 1,261,657.90 (6,188.10) (11,325.70) (17,221.44) (400,000.00) (400,000.00) (400,000.00) - - - - - - 26,922.66 (4,038.40) 22,884.26 FFDA Properties, LLC - 1636-1660 Broadway 1,941,162.85 (6,188.10) (481,325.70) (17,221.44) (470,000.00) (470,000.00) (470,000.00) - - - - - - 26,427.61 (3,964.14) 22,463.47 FFDA Properties, LLC - Fulton & Calaveras 3,560,043.66 (6,188.10) (1,261,325.70) (17,221.44) - (750,000.00) (750,000.00) (750,000.00) - - - - - 25,308.42 (3,796.26) 21,512.16 Edison Plaza Partners, L.P. 5,699,129.65 (7,306.23) (5,988.87) (4,188.09) - - (5,655,000.00) - - - - - - 26,646.46 (3,996.97) 22,649.49 Infill (eg. HFH) 27,585.64 - - - - (24,013.00) - - - - - - - 3,572.64 (445.90) 3,126.74 Property Maintenance (eg. FCEOC) 363,428.64 - - - - - (2,720.39) - - - - - - 360,708.25 (54,106.24) 306,602.01 Compliance Monitoring (eg. Compliance Services 283,762.00 - - - - (47,070.00) (615.00) - - - - - - 236,077.00 (35,411.55) 200,665.45 Affordable Housing Report, Audit 190,000.00 - - - - - - - - - - - - 190,000.00 (28,500.00) 161,500.00 Property Based Improvement District 136,407.44 - - (2,298.14) (2,298.17) (4,596.46) (4,633.14) (4,633.14) (4,775.90) (4,218.00) (18,930.40) (11,259.54) (11,259.54) 67,505.01 (10,125.75) 57,379.26 Prop Disp, Demo, Remediation, Infrastructure 387,785.14 - - (20,489.92) (22,245.77) (51,211.30) (4,450.00) (41,749.25) - - - - - 247,638.90 (37,145.84) 210,493.07 17,880,383.63$ (47,172.43) (2,227,260.21) (346,970.79) (1,374,543.94) (2,421,890.76) (7,287,418.53) (1,686,310.62) (4,775.90) (364,373.89) (18,930.40) (11,259.54) (29,710.63) 2,059,765.99 (984,922.78) 1,074,843.21$ Housing Asset Transfer
Enforceable Obligations -
Housing Asset Transfer
Extremely Low
(30% or less of AMI)
Very Low
(60% or less of AMI)
Lower
(80% or less of AMI)
Moderate
(120% or less of AMI) Total
Hotel Fresno $456,962 $505,063 $913,924 - $1,900,000
Fultonia West - $870,000 - - $870,000
L Street - - - $1,440,000 $1,440,000
1612 Fulton - - - $1,900,000 $1,900,000
1608 Broadway - - - $1,600,000 $1,600,000
1636-1660 Broadway - - - $1,880,000 $1,880,000
Fulton/Calaveras - - - $3,500,000 $3,500,000
Edison Plaza - - $5,665,000 - $5,665,000
sub-total $456,962 $1,375,063 $6,578,924 $10,320,000 $18,755,000 Program Income Funds 30% 60% 80% 120% Total
Annadale - Senior Housing $984,615 $2,215,385 - - $3,200,000 Annadale - Single Family - $90,000 $210,000 - $300,000
Blackstone/McKinley $2,200,000 - - - $2,200,000
329 N College - - $61,000 - $61,000
473 N Glenn $25,000 - - - $25,000
South Stadium - $659,298 - - $659,298
Walnut & Florence - $360,000 $320,000 - $680,000
1740 Van Ness - - $482,553 - $482,553
sub-total $3,209,615 $3,324,683 $1,073, 553 $0 $7,607,851
42.2% 43.7% 14.1% 0.0% 100.0%
TOTAL $3,666,577 $4,699,746 $7,652,477 $10,320,000 $26,362,851 30% 60% 80% 120%
Total
Affordable
Units MR
Total Units
(including
Market Rate)
Hotel Fresno 19 21 38 - 78 1 79
Fultonia West - 30 - - 30 15 45
L Street - - - 9 9 19 28
1612 Fulton - - - 12 12 18 30
1608 Broadway - - - 19 19 - 19
1636-1660 Broadway - - - 12 12 15 27
Fulton/Calaveras - - - 21 21 41 62
Edison Plaza - - 118 - 118 - 118
Annadale - Senior Housing 12 27 - - 39 - 39
Annadale - Single Family - 6 14 - 20 - 20
Blackstone/McKinley 18 69 - - 87 1 88
329 N College - - 1 - 1 - 1
473 N Glenn 1 - - - 1 - 1
South Stadium - 10 - - 10 41 51
Walnut & Florence - 9 8 - 17 - 17
1740 Van Ness - - 6 - 6 22 28
TOTAL 50 172 185 73 480 173 653
30% 60% 80% 120%
Hotel Fresno $24,051 $24,051 $24,051 -
Fultonia West - $29,000 - -
L Street - - - $160,000
1612 Fulton - - - $158,333
1608 Broadway - - - $84,211
1636-1660 Broadway - - - $156,667
Fulton/Calaveras - - - $166,667
Edison Plaza - - $48,008 -
Annadale - Senior Housing $82,051 $82,051 - -
Annadale - Single Family - $15,000 $15,000 -
Blackstone/McKinley $122,222 $0 - -
329 N College - - $61,000 -
473 N Glenn $25,000 - - -
South Stadium - $65,930 - -
Walnut & Florence - $40,000 $40,000 -
1740 Van Ness - - $80,426 -
*
other funding sources not included
Overview - Affordable Housing Development
HSA 2012-2022
Affordable Housing Development Expenditures by Income Target Requirements Affordable Housing Units by Income Level
Affordable Housing Development - Average HSA Contribution per Unit*