Housing Successor
Agency
Annual Compliance
Report
FISCAL YEAR
2023-2024
Compliance
SB 341 Report
Health and Safety Code Section 34176.1(f)
The City of Merced chose to be the Housing
Successor Agency to the former Merced
Redevelopment Agency following dissolution in
2012
Prepared in cooperation with RSG Inc., housing
service provider to the City of Merced
REPORT
SUMMARY
Housing Asset Fund Balance – 6/30/2024 $11.2
million with $2.1 million cash
Received $318,118 in revenues - interest &
investment earnings, and loan repayments
$395,891 in expenditures – all administrative
The City is meeting all Housing Asset Fund
Requirements and has no Excess Surplus
Five Successor Agency Properties – all
committed or sold for one affordable housing
project
Linc Housing – Approved DDA and
PLHA funding commitment, they had a
365-day escrow; near closing
The Housing Asset Fund also has approximately
$8.6 million in loans receivable from first-time
homebuyer loans and developer loans for
multifamily rental projects.
Future expenditures will be monitored for
compliance.
Council Action
RECEIVE & DIRECT STAFF TO FILE THE
HOUSING SUCCESSOR AGENCY ANNUAL
REPORT FOR FY 2023-2024 WITH HCD