Reso. No. ____
RESOLUTION NO. ____
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE HOUSING
AUTHORITY OF THE CITY OF RICHMOND, CALIFORNIA, APPROVING A THIRD
CONTRACT AMENDMENT WITH DAVID PAUL ROSEN & ASSOCIATES TO
ASSIST THE RICHMOND HOUSING AUTHORITY IN ASSET REPOSITIONING EFFORTS OF THE PUBLIC HOUSING PORTFOLIO IN AN AMOUNT OF $366,000 FOR A NEW TOTAL NOT TO EXCEED AMOUNT OF $1,003,740 ENDING JUNE 30, 2024
WHEREAS, RHA funding provided by the U.S. Department of Housing and Urban Development (HUD) to Public Housing Authorities in recent years is insufficient to meet the operating and capital needs of the nation’s public housing inventory; and WHEREAS, recognizing that the public housing program is not sustainable over the long term, HUD’s strategy is to transition public housing units with unmet capital needs to more sustainable financing strategies using tools such as Rental Assistance Demonstration (RAD) program, Section 18 Demolitions and Dispositions, Voluntary Conversions, and Declaration of Trust releases; and
WHEREAS, to improve its financial viability and long-term sustainability, the Richmond Housing Authority (RHA) has embarked on an analysis of repositioning options regarding its Public Housing assets; and
WHEREAS, on December 4, 2018, RHA Board of Commissioners gave direction to staff to (1) Transfer Section 8 operations to a well-managed housing authority, and (2) reposition RHA assets and public housing operations; and
WHEREAS, on December 18, 2018, RHA Board of Commissioners approved a $150,000 contract with David Paul Rosen & Associates (DRA) to provide financial and developmental advisory services to assist RHA in further developing and implementing its asset repositioning strategy; and
WHEREAS, on May 5, 2020, RHA Board of Commissioners approved a contract amendment with DRA in the amount of $92,300 for Fiscal Year 19-20 and $151,300 for Fiscal Year 20-21, for anew total not to exceed the amount of $393,600 and contract ending June 30, 2021; and
WHEREAS, on May 25, 2021, RHA Board of Commissioners approved a contract amendment with DRA in the amount of $244,140, for anew total not to exceed the amount of $637,740 ending June 30, 2024; and
WHEREAS, DRA will provide financial advisory services and coordinate with HUD, City, and other technical assistance providers on asset repositioning activities.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE
HOUSING AUTHORITY OF THE CITY OF RICHMOND, COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA THAT the Executive Director is herby authorized to execute a third contract amendment with David Paul Rosen & Associates to assist the Richmond Housing Authority in asset repositioning efforts of the public housing portfolio in an amount of $366,000 for a new total not to exceed amount of $1,003,740 ending June 30, 2024 BE IT FURTHER RESOLVED that the Executive Director is hereby authorized to take all actions necessary to implement this resolution.
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Reso. No. ____
The foregoing resolution was passed and adopted by the Commissioners of the Housing Authority of the City of Richmond at the regular meeting thereof held on December 6, 2022, by the following vote:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
Chairperson
[SEAL]
Attest:
Secretary
Approved as to form:
City Attorney
State of California }
County of Contra Costa : ss.
City of Richmond }
I certify that the foregoing is a true copy of Resolution No. _____ finally passed and adopted at the Regular Housing Authority Meeting held on December 6, 2022.
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CLERK OF THE HOUSING AUTHORITY