Attachment D - Housing Successor Annual Report FY 2023-2024 A
NNUAL REPORT
OF THE HOUSING SUCCESSOR TO THE SAN JOSÉ REDEVELOPMENT AGENCY
REGARDING THE
LOW- AND MODERATE-INCOME HOUSING ASSET FUND
FOR FISCAL YEAR 2023-2024
PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 34176.1(f)
FOR THE CITY OF SAN JOSE
This Housing Successor Annual Report (Report) regarding the Low- and Moderate-Income Housing Asset Fund (LMIHAF) has been prepared pursuant to California Health and Safety Code Section 34176.1(f) and reflects data from July 1, 2023, through June 30, 2024.
This Re port s ets forth certain details of the housing activities of the City of San José, Housing Successor to the former Redevelopment Agency of the City of San José, during Fiscal Year 2023-24. 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 Fund CITY OF SAN JOSÉ COMPREHENSIVE ANNUAL FINANCIAL AUDIT for Fiscal Year 2023-2024 as prepared by Macias Gini and O’Connell LLP, which Audit is separate from this annual summary Report; further, this Report conforms with and is organized into Sections I through XIII, inclusive, pursuant to Section 34176.1(f) of the Dissolution Law, as follows:
I. Loa
n Repayments: This section provides the amount the City 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.
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
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, it provides 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 Agency 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), or a description of expenditures by income restriction, beginning in 2019 and every five years thereafter, for a cumulative time period, beginning January 1, 2014 through the end of the latest fiscal year covered in the report, as to 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 10-year reviewed period is July 1, 2013, to June 30, 2023.
XII. Excess Surplus Test: This section provides the amount of excess surplus in the LMIHAF, if any, 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 Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
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) The number of the units lost 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 by April 1, 2025. In addition, previous versions of this Report and the former Redevelopment Agency’s pre-dissolution Implementation Plans are made available to the public on the City’s website at https://www.sanjoseca.gov/your-government/departments-offices/housing/resource-library/housing- element.
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
I. LOAN REPAYMENTS
The City received a repayment of $0 of Supplemental Educational Revenue Augmentation Fund (SERAF) funds pursuant to subparagraph (A) of paragraph (3) of subdivision (b) of Section 34191.4.
II. AMOUNT DEPOSITED IN TO LMIHAF
A total of $30,845,515 was deposited into the LMIHAF during the Fiscal Year which includes program income from loan repayments and interest earnings. Of the total funds deposited into the LMIHAF, $0 (zero) dollars were held 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 $81,674,520 of which $0 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:
Expenditures Amount Spent in FY
Monitoring & Administration Expenditures
$13,501,855
Homeless Prevention and Rapid Rehousing Services Expenditures
$237,177
Housing Development Expenditures
- Expenditures on Extremely Low-Income Units (0-30% AMI) - Expenditures on Very Low-Income Units (31-50% AMI)
- Expenditures on Low-Income Units (51-60% AMI)
- Expenditures on Low-Income Units (61-80% AMI)
- Expenditures on Unrestricted Units (Manager’s unit)
- Expenditures on Acquisition and Predevelopment
Total Housing Development Expenditures
$15,516,100
$20,675,389
$0
$4,356,254
$459,327
$0
$41,007,070
Total LMIHAF Expenditures in Fiscal Year
$54,746,102
California Health and Safety Code Section 34176.1 allows for 5% of the total $714,745,600 gross value of Housing Successor assets, or $35,807,724, to be used on monitoring and administrative expenditures.
As the Housing Successor’s expenditure for monitoring and administrative expenditures of $13,501,855 million is well under the allowable cap, that requirement is met.
The Housing Department expects near-term disbursement on four new developments (525 N. Capitol, Kooser Apartments, Hawthorn Senior Apartments, 5885 Santa Teresa Boulevard) with total Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
commitments of $69.4 million. In addition, the Housing Department expects to secure a funding commitment for one more development prior to the end of the 2024-2025 fiscal year, for Berryessa Apartments, which will total $10 million and result in future disbursements.
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(ies) 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 book value of assets owned by the Housing Successor.
Assets of Housing Successor Value as of End of Fiscal Year Statutory Value of Real Property Owned by Housing Successor $70,701,308 Value of Loans and Grants Receivable $515,575,501
Cash Balance $129,877,670
Total Value of Housing Successor Assets $716,154,479
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 2023-2024 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
With respect to interests in real property acquired by the former Redevelopment Agency prior to February 1, 2012, the time periods described in Section 33334.16 shall be deemed to have commenced on the date that the Finance Department approved the property as a housing asset in the LMIHAF; thus, as to real property acquired by the former Redevelopment Agency now held by the Housing Successor in the LMIHAF, 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 DOF approved such property as a housing asset.
For San José, the date of Finance’s approval was March 14, 2013. Therefore, for all properties acquired by the former Redevelopment Agency prior to February 1, 2012, the Deadline to Initiate Development Activity was March 13, 2018.
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
Below is the list of properties acquired by the former Redevelopment Agency prior to February 1, 2012.
All met the statutory requirements.
PROPERTIES ACQUIRED PRIOR TO FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Activity
Status of Housing Successor Activity
North Fourth
Street
05/21/2010 3/13/2018 Construction on this 100-unit development started in July 2010 and completed in June 2012. The City owns
the site fee simple and has a ground lease to the
development. It is in its permanent financing phase
and units are occupied by income-eligible residents.
Japantown
Seniors
05/03/2010 3/13/2018 Construction on this 75-unit seniors’ development completed in late 2015, and it converted to its
permanent financing phase in August 2016. All
apartments are occupied by income-eligible residents.
The City holds the site fee simple and has a ground
lease to the development.
Vermont House 06/30/2009 3/13/2018 In June 2016, City staff closed a Conditional Grant for rehabilitation and a Lease of this City-owned property
to Abode Services, an owner and developer of
supportive housing. Construction was completed in
November 2018 providing 16 permanent supportive
housing units. The City has sold fee interest to County of Santa Clara on January 31, 2025.
Brookwood
Terrace
03/01/2009 3/13/2018 Construction on this 84-unit family development started in March 2010 and completed in January 2012.
The City Financing Authority holds the site fee simple
and has a ground lease to the development. The
development is in its permanent financing phase and
units are occupied by income-eligible residents.
Orvieto Family 03/01/2009 3/13/2018 Construction on this 92-unit family development started in September 2010 and completed in August
2012. The City Financing Authority owns the site fee
simple and has a ground lease to the development.
The development is in its permanent financing phase
and its units are occupied by income-eligible residents.
The Haven 06/30/2008 3/13/2018 On November 27, 2018, the San José City Council approved a 15-year lease agreement with the County
of Santa Clara to transition the use of the Haven from
sheltering fire and other disaster survivors to
temporarily house income-eligible homeless adults.
The existing three-unit apartment building has
continued to house 3 low-income households.
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
PROPERTIES ACQUIRED PRIOR TO FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Activity
Status of Housing Successor Activity
Ford &
Monterey
10/25/2006 3/13/2018 Two affordable housing developments completed construction on this site—one 20-unit development
and one 75-unit development. The City owns the site
fee simple and has a ground lease to both projects.
The projects are in their permanent financing phase
and units are occupied by income-eligible residents.
E side Evans
Lane (aka
Willow Glen
Woods)
06/30/2005 03/13/2018 See Evans Lane VTA description.
Evans VTA (aka
Willow Glen
Woods)
12/31/2002 3/13/2018 After anticipating and identifying developers for a mixed-use affordable apartment and for-sale
development after the site was purchased, the original
development plan fell through during the Great
Recession and was no longer feasible. In 2016, after a
new competitive process for development of
permanent affordable housing including units for the
homeless, the City selected nonprofit Allied Housing to develop the Evans Lane site for permanent affordable
housing. Allied Housing planned to develop a site using modular constructed units for up to 61 households,
including previously homeless households. The City
Council approved a General Plan amendment in June
2016 permitting the proposed land use for affordable
housing. In August 2016, the City Council approved
findings, a ground lease to Allied Housing, and a
conditional predevelopment grant commitment for the
affordable housing project. In early 2017, the City and Allied executed A Right of Entry Agreement and the
Predevelopment Grant Agreement needed to
complete preparation for its final land use
entitlements, which the City awarded on January 8,
2019. However, as the project design progressed, the
developer encountered several design and cost
challenges with developing the proposed modular
design. In mid-2019, the City and Allied Housing
mutually agreed to discontinue the proposed
development and proceed with a new affordable
development plan.
With the dual crisis of increased homelessness in the
region and the COVID-19 pandemic in early 2020, the
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
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 also presents a status update on the projects related to such real property acquired after that date, in an effort to be transparent to the public. The deadline to initiate development is five years from acquisition date.
PROPERTIES ACQUIRED PRIOR TO FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Activity
Status of Housing Successor Activity
City took urgent action to develop new emergency
shelter and temporary housing opportunities to allow
the City’s unhoused residents to safely shelter in place, protecting those residents and the larger community.
In early April 2020, the San José City Council directed the City’s administration to expeditiously construct
three temporary Emergency Interim Housing (EIH)
communities modeled from earlier Bridge Housing
Communities also known as “tiny homes.” One of the
City’s new EIH communities is located on the City’s
Evans Lane site. Approximately 2.5 acres of the 5.5-
acre site has been developed to accommodate 49
modular sleeping units along with two common
buildings to support resident services and daily needs.
The Evans Lane property is being operated by PATH
serving 48 low-income families exiting from
homelessness. Construction was completed in Summer
2021 and the site continues to operate.
Playa Almaden
(aka Sycamore
Terrace)
02/16/1996 3/13/2018 The Housing Department obtained City Council approval to sell the property to the City’s Parks
Department. In May 2018, the City Council passed a
resolution authorizing the sale and the property was
sold per authority under Health and Safety Code
Section 33334.16 for appraised value. Sale proceeds
were deposited into the LMIHAF fund.
PROPERTIES ACQUIRED AFTER FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Status of Housing Successor Activity
258 McEvoy
Street 12/21/2023 12/21/2028
The City acquired the 1.137-acre site located at 258
McEvoy Street in December 2023. City Council
approved the purchase of the site, which had
already obtained land use entitlements, from First
Community Housing on April 25, 2023, Item 8.1,
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
PROPERTIES ACQUIRED AFTER FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Status of Housing Successor Activity
File #23-583. Discussions are underway with a
possible replacement developer and a plan to re-
entitle the site’s planning permits.
447 N 1st Street
(The Kelsey
Ayer Station)
6/24/2022 6/24/2027
The City purchased the 0.47-acre site in June 2022
and leases it back to the development. The project
received its building permit on July 13, 2022, for
construction of 113 income-restricted apartments.
Construction was completed in 2024 and the units
are
1749 Mount
Pleasant Road
01/26/2021 01/26/2026 The City purchased the 0.48-acre site in January 2021. This site was included in a Request for
Proposals released by the Housing Department in
December 2021 to identify a developer partner for
this site. The Housing Department identified
Habitat for Humanity as the developer for this site.
City Council memo on September 27, 2022, Item
8.1, file #22-1418. Draft Exclusive Negotiations
Agreement sent to Habitat for Humanity in March
2024. Habitat is in the construction
predevelopment phase.
3707 East
Williams Road
01/26/2021 01/26/2026 The City purchased the 0.47-acre site in January 2021. This site was included in a Request for
Proposals released by the Housing Department in
December 2021 to identify a developer partner for
this site. The Housing Department identified EAH as
the developer for this site. The final term sheet for
Exclusive Negotiations Agreement was accepted by
EAH in May 2024. EAH is currently assembling
development financing.
430 Park
Avenue
01/26/2021 01/26/2026 The City purchased the 0.12-acre site in January 2021. This site will be included in an upcoming
Request for Proposals to be issued by the Housing
Department to identify a developer partner for this
site.
71 Vista
Montana
06/29/2020 6/29/2025 The City purchased the 4.2-acre site in June 2020 and entered into an Exclusive Negotiating
Agreement with Charities Housing to serve as the
affordable housing developer for the site. The City
lent $2.4 million of LMIHAF in February 2023 to
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
IX. DESCRIPTION OF OUTSTANDING OBLIGATIONS PURSUANT TO SECTION 33413 Replacement Housing. No Section 33413(a) replacement housing obligations were transferred to the Housing Successor in the fiscal year.
Inclusionary/Production Housing. No Section 33413(b) inclusionary/production housing obligations were transferred to the Housing Successor in the past fiscal year.
X. INCOME TESTS
Extremely Low-income Test
Section 34176.1(a)(3)(A) requires that the Housing Successor expends at least 30% of the LMIHAF for the development of rental housing affordable to and occupied by households earning 30% or less of AMI over a five-year period.
Section 34176.1(a)(3)(B) states that 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% PROPERTIES ACQUIRED AFTER FEBRUARY 1, 2012
Address/Name
of Property
Date of
Acquisition
Deadline to
Initiate
Development
Status of Housing Successor Activity
support predevelopment of the site. Initial site
plans were submitted for the site in fall 2021.
Planning issued its approval for SB 35 Ministerial
Permit on March 21, 2024, and the Developer plans
to apply for CDLAC in 2025.
Villas on the
Park
03/27/2017 3/27/2022 The City lent $7.7 million and entered into a ground lease on March 1, 2018, to support construction of
this development of 84 affordable apartments.
Construction was completed in November 2019
and the property is fully occupied. The City holds
the fee interest in the site.
226 Balbach
Street (Arya)
08/26/2016 08/26/2021
On January 30, 2019, the project received its
planning permits. On September 19, 2020, it was
awarded funding from TCAC and received funding
commitments from all parties. The project received
its building permit on October 31, 2020, for
construction of 87 income-restricted apartments.
Construction completed in 2024 and conversion to
permanent financing was completed in June 2024.
This fully-occupied development is now called
“Arya.”
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
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 AMI) until the Housing Successor demonstrates compliance with the Extremely Low-Income requirement.
Per California Health & Safety Code Section 34176.1(a)(3)(B), compliance needs to be demonstrated every five years, and is due this year. Compliance needs to be demonstrated next in 2029.
In 2024, the City met the extremely low-income test per Section 34176.1(a)(3)(A) by expending 39.5% of LMIHAF for ELI housing during the previous five years from FY 2019 to 2024. This proportion significantly surpassed the 30% minimum expenditure threshold, so the test is met. 60-80% AMI Test
Section 34176.1(a)(3)(A) also requires that the Housing Successor spend no more than 20% of the LMIHAF for the development of rental housing affordable to and occupied by households earning between 60% and 80% AMI (61-80% AMI).
Section 34176.1(a)(3)(C) states that if the Housing Successor exceeds the expenditure limit for households earning between 60% and 80% AMI in any five-year report, the Housing Successor shall not expend any of the remaining funds for this income cohort until the Housing Successor demonstrates compliance with this limit.
Per California Health & Safety Code Section 34176.1(a)(3)(C), compliance needs to be demonstrated every five years, and is due this year. Compliance needs to be demonstrated next in 2029.
In 2024, the City met the 60-80% AMI income test per Section 34176.1(a)(3)(A) by expending only 3.3% of LMIHAF for households earning between 60% and 80% AMI during the past five years from FY 2019 to 2024. This percentage was far below the limit of 20% so the test is met.
XI. SENIOR HOUSING TEST
The Housing Successor is to calculate the percentage of deed-restricted rental housing units restricted to seniors and assisted1 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.
1 The term Assisted is used to indicate financial assistance. Units are reported as assisted in the fiscal year in which the loan closing is recorded.
Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
The following provides the Housing Successor’s Senior Housing Test for the 10-year period of July 1, 2014, to June 30, 2024.
Senior Housing Test July 1, 2014 – June 30, 2024
# of Assisted Senior Rental Units 698
# of Total Assisted Rental Units 2,243
Senior Housing Percentage in Past 10 Years 31%
Maximum Allowable Percentage 50%
Test Outcome Met
The percentage of assisted affordable rental units for seniors constituted 31% of all assisted affordable rental units in the past 10 years. This is well 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 LMIHAF 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 (in millions):
FY 20-21 FY 21-22 FY 22-23 FY 23-24
Total deposited
in preceding 4
years (FY 20/21
– 23/24)
Beginning Balance $152.7 $164.7 $172.3 $153.8
Add: Deposits 51.3 57.3 18.7 30.8 $158.2
(Less) Expenditures (39.3) (49.7) (37.2) (54.7)
(Less)
Encumbrances
(48.2)
Unencumbered
Balance
$164.7 $172.3 $153.8 $80.3
The LMIHAF does not have an Excess Surplus. The aggregate amount deposited into the account during the four Fiscal Years is $158,213,738. The current fiscal year cash balance is $129,877,670 million with $48,203,150 million in encumbrances. The unencumbered amount of $80,81,674,520 million does not exceed the aggregate amount deposited in the preceding four fiscal years of $158,213,738 million; therefore, the test is met.
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 Housing Successor to Redevelopment Agency Annual Report FY 2023-2024
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 Assisted Homeownership Units as of 6/30/24 Number of Homeownership Units 310
B. Number of Assisted Homeownership Units Lost in Fiscal Year 2023-24 Reason for Loss Units Lost
Loans paid off 24
Loans written off due to foreclosure or short sale 0
C. $2,079,834 in single family loan funds were returned to the Housing Successor in this 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 contracted with an outside entity for the management of the single-family homeownership loans. The name of the entity is AmeriNat Loan Servicing.