City of San Pablo Housing Successor Fund SB 341 Annual Report for Fiscal Year Ended June 30, 2024
1. The amount the City, County or City and County received pursuant to subparagraph (A) of paragraph (3) of subdivision (b) of Section 34191.4
None
2. Amounts deposited into the Low & Moderate Housing Asset Fund, distinguishing any amounts deposited for items listed on the Recognized Obligation Payment Schedule (ROPS) from other amounts deposited.
a. ROPS Schedule Funding: $0
b. Loan Payments Received: $1,156,482
c. Interest Earnings on Cash Balances: $411,465
d. Other Revenue: $911,048
Total Deposits: $2,478,995
3. 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 ROPS from other amounts.
Cash: $10,130,383
Restricted for Current Payables: $14,640
Available Cash Balance: $10,115,743
4. Description of the 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), (B) for homeless prevention and rapid rehousing services for the development of housing described in paragraph (2) of subdivision (a), and (C) for the development of housing pursuant to paragraph (3) of subdivision (a).
(A) Monitoring and Preserving LT Affordability of Units: $0 (B) Homeless Prevention: $0
(C) Development of Housing: $0 (new Danco housing loan) (D) Other (accounting, bank fees, legal service, etc.): $14,640
Total Expenditures: $14,640
5. As described in paragraph (1) of subdivision (a), the statutory value of real property owned by the housing successor, the value of the loans and grants receivable, and the sum of these two amounts.
Real Property Owned:
a) 1820 Rumrill Blvd = $ 704,754
Loans Receivable = $13,130,044
Total $13,834,797
6. 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.
In 2020, the City of San Pablo adopted the San Pablo Loan Assistance for Sustainable Housing (“SPLASH’) program to support homeownership for low-income households. A total of $1 million was transferred to this program. The program issued this first loan in FY22-23 of $91,000 and two loans in FY23-24 for a total of $149,000.
7. Description of Projects for which the City of San Pablo Housing Successor receives or is holding property tax revenue pursuant to the ROPS and the status of that project.
None.
8. 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.
1820 Rumrill Boulevard:
1820 Rumrill Boulevard was acquired by the former Redevelopment Agency in 2007 for affordable housing purposes. The Local Successor Agency approved the transfer of 1820 Rumrill Boulevard to the City as a housing asset on January 20, 2015, by Resolution LSA 2015- 001. The Oversight Board approved the transfer of 1820 Rumrill Boulevard to the City as a housing asset by Resolution OB2015- 001, adopted on January 26, 2015. The Department of Finance approved the transfer of 1820 Rumrill Boulevard to the City as a housing asset on February 2, 2015.
In 2022, the City of San Pablo entered into a Disposition and Development Agreement to sell 1820 Rumrill Boulevard to develop 41-unit multi-family, 100% affordable development.
9. A description of outstanding obligations pursuant to Section 33413 that remain to transfer to the housing successor on February 1, 2012, a description of the housing successor’s progress in meeting those obligations, and a description 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.
None. Attached is the implementation plan of the former redevelopment agency.
10. Information required by subparagraph (B) of paragraph (3) of subdivision (a).
N/A
11. Percentage of units of deed‐restricted rental housing restricted to seniors and assisted individually or jointly by the housing successor, the former redevelopment agency and the City within the last 10 years in relation to the aggregate number of units of deed‐restricted rental housing assisted individually or jointly by the housing successor, the former redevelopment agency and the City within the same time period.
0%. None of the rental housing units restricted to seniors were assisted in the last 10 years.
12. a. The amount of excess surplus. -$432,835.45
b. The amount of time that the successor agency has had the excess surplus. – since 7/1/20.
c. The housing successor's plan for eliminating the excess surplus. The City launched an affordable homeownership program which was funded with $1 million from the Low and Moderate Income Housing Fund. In addition, the City is working with affordable housing developers to provide necessary gap financing to incentivize affordable housing projects on several City-owned properties.
13. 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. – 68 Units, three of these units was assisted through our current affordable homeownership program (SPLASH) that was funded from the Low and Moderate Income Housing Fund.
(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 the units lost to the portfolio in the last fiscal year and the reason for those losses.
– 4 loans were paid off between July 1, 2023 to June 30, 2024
(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.
–Total amount paid off is $1,139,975.25
(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.
N/A