Housing Successor of the City of Redondo Beach
Addendum to the Annual Progress Report
For Fiscal Year Ended June 30, 2023
1) The amount deposited to the Low and Moderate Income Housing Asset Fund, distinguishing any amounts deposited for items listed on the Recognized Obligation Payment Schedule from other amounts deposited.
The Housing Successor Fund received $41,780 in miscellaneous income as of June 30, 2023. None of these amounts were deposited for items listed on the Recognized Obligation Payment Schedule.
2) A statement of the balance in the fund as of the close of the fiscal year, distinguishing any amounts held for items listed on the Recognized Obligation Payment Schedule from other amounts.
The balance in the Housing Successor Fund as of June 30, 2023 was $3,497,714. $535,731 of which was held for items listed on the Recognized Obligation Payment Schedule.
3) A description of expenditures from the fund by category, including, but not limited to, expenditures
a. for monitoring and preserving the long-term affordability of units subject to affordability restrictions or covenants entered into by the redevelopment agency or the housing successor and administering the activities described in paragraphs (2) and (3) of subdivision (a),
The Fund's expenditures related to this category as of June 30, 2023 were $72,029 in administrative expenses and $33,703 in legal fee expenses. b. for homeless prevention and rapid re-housing services for the development of housing described in paragraph (2) of subdivision (a), and The Housing Successor Fund’s expenditures related to homeless prevention were $279,990 as of June 30, 2023.
c. for the development of housing pursuant to paragraph (3) of subdivision (a),
The Housing Successor Fund had no expenditures related to the development of housing as of June 30, 2023.
4) As described in paragraph (1) of subdivision (a), the statutory value of real property owned by the housing successor, the value of loans and grants receivable, and the sum of these two amounts.
The Housing Successor Fund owned real property with a statutory value of zero, as of June 30, 2023.
Addendum to the Annual
Progress Report
For the Fiscal Year Ended June 30, 2023
The value of loans and notes receivable in the Housing Successor Fund as of June 30, 2023 was $2,439,896.
The sum of the statutory value of real property and the value of loans and notes receivable is $2,439,896.
5) A description of any transfers made pursuant to paragraph (2) of subdivision (c) in the previous fiscal year and, if still unencumbered, in earlier fiscal years and a description of and status update on any project for which transferred funds have been or will be expended if that project has not yet been placed in service.
No transfers occurred pursuant to paragraph (2) of subdivision (c) in the previous fiscal year or earlier fiscal years in the Housing Successor Fund. 6) A description of any project for which the housing successor receives or holds property tax revenue pursuant to the Recognized Obligation Payment Schedule and the status of that project.
The Housing Successor Fund received no such property tax revenue as of June 30, 2023.
7) For interests in real property acquired by the former redevelopment agency prior to February 1, 2012, a status update on compliance with Section 33334.16. For interests in real property acquired on or after February 1, 2012, a status update on the project.
As of June 30, 2023, the Housing Successor Fund owned four properties that were transferred to the Housing Successor Fund February 1, 2012, all of which continue to be used for affordable and senior housing. No properties were acquired subsequent to February 1, 2012.
8) A description of any outstanding obligations pursuant to Section 33413 that remained to transfer to the housing successor on February 1, 2012, of the housing successor's progress in meeting those obligations, and of the housing successor's plans to meet unmet obligations. In addition, the housing successor shall include in the report posted on its Internet Web site the implementation plans of the former redevelopment agency.
As of June 30, 2023; there were no outstanding obligations pursuant to Section 33413 that remained to be transferred to the housing successor on February 1, 2012. 9) The information required by subparagraph (B) of paragraph (3) of subdivision (a).
This item is not applicable to the Housing Successor until Fiscal Year Ended June 30, 2023.
Addendum to the Annual
Progress Report
For the Fiscal Year Ended June 30, 2023
10) 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.
As of June 30, 2023, the Housing Successor Fund had 20% 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. 11) The amount of any excess surplus, the amount of time that the successor agency has had excess surplus, and the housing successor's plan for eliminating the excess surplus.
As of June 30, 2023, the total excess surplus was $401,749 of which is planned to be eliminated with the expenses associated with programs and services addressing homelessness issues.