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Home My WebLink AboutR06-Economic Development Agency o o o o o DEVBLOPIIIft DBPAhnaa.. OF TIll CIT! OF SAIl ull..nnIIO RK01JRsr FOR ClHMISSIOll/COUllCIL ACTIOll From: KEImETH J. HENDERSON Executive Director Subject: sums OF !WBII'U-PDCD'r (2OX) SET-ASIIS I.OW-'lO- IIODD.lrE IlICOIII BOUSIlIG rmm Date: August 28, 1991 ------------------------------------------------------------------------------- SYnoDsia of Previous C~i..ionlCOUfteil/eo..ittee AetionCal: None. ------------------------------------------------------------------------------- Rec~~ed MotionCal: CCllIBUIlitv Develo_eot C-inionl That the Community Development Committee receive and file the attached staff report regarding the status of the Twenty-Percent (20X) Set Aside Low-to-Moderate Income Housing Fund. i~ Adainiatrator ------------------------------------------------------------------------------- Contact Person(s): Ken Henderson Phone: 5081 Project Area(s): All Pro1ect Areas Wardes): I throUl,h 7 Supporting Dats 'Attached: Staff ReDort: 20X Set-Aside ReDort FUNDING REQUIREMENTS: Amount: S NIA Source: RIA Budget Authority: ------------------------------------------------------------------------------- ComaiaaionlCOUDcil Botea: ------------------------------------------------------------------------------- KJH:lab:0134E COIMISSIOIl AGDDA Meeting Date: 09/03/1991 Agenda It_ 110: --Ia..-- o () () o o DIVILOPIIEIT DIPAiunur STAn' IIPORT ------------------------------------------------------------------------------- Status of Tvll!D.tv-Percll!D.t (2OS) Set-bide Lov-'t~.r.t:e Ine,.. BGllJlt". lPnn.. At the first two (2) meetings of the Housing Committee, there were Ad Hoc discussions concerning the ststus of the Department's TwentY-Percent (20X) Low-to-Moderate Income Housing Fund. While discussing the proposed funding of the Ramona and Highland/Lutheran senior housing projects, the Committee requested staff to provide information relating to the programs, projects and activities previously approved by the Community Development Commission, the unencumbered fund balance and a list of projects and/or proposals currently under some level of internal staff review. This report responds to the Committee's request. Exhibit "I" to the staff report is the low-to-moderate income housing fund's use of bond and tax increment proceeds (projects in brackets). After the recent actions taken by the Community Development Commission in connection with the funding of construction financing for the Ramona and Highland/Lutheran senior housing projects, the unencumbered fund balance was reduced from $6.67 million dollars to $1,313,116. The fund balance will be significantly increased as loan repayments, permanent financing and the acquisition of construction financing occurs on projects previously funded. This information is outlined in greater detail later on in this report. The projects funded since January of 1990 when the fund was capitalized in accordance with Community Redevelopment Law will, when completed, result in one-hundred, twenty-one (121) single family homes and three-hundred, seventy-three (373) multi-family units, of which one-hundred, forty-five (145) will be for senior citizens. When the single- and multi-family totals are combined, a total of four-hundred, ninetY-four (494) units of low-to-moderate income hOUSing will be produced. At least one-hundred (100) of these four-hundred, ninety-four (494) units will be for very low-income households. Exhibit "2" is a listing of projects currently under consideration by the Department's housing division. The amounts listed under funds requested are not necessarily that which would be recommended by staff. Additionally, it is not implied that all the projects listed would be recommended for funding by staff or the Housing Committee. As is noted, the total in funds requested amounts to *16.256.717. When this figure is compared to the unencumbered balance of $1.3 million dollars, it is clear only the most meritorious projects should be considered for public assistance. Future projects recommended for ------------------------------------------------------------------------------- ICJH:lab:0134E COIIUSSIOK AGBlIDA Meeting Date: 09/03/1991 Aaenda It~ Ko: ~ o o () o o DEVBLOPIIIIIr DBPAI'lhu..r SrAFF IlPORT Twenty-Percent Set AIIide Fund Status Prepared: Auaust 28. 1991 Pqe -2- ------------------------------------------------------------------------------- funding should comply fully with the goals and objectives of the Comprehensive Housing Affordability Strategy (CHAS), Which is to be adopted by the Mayor and Common Council and Community Development Commission in the near future (a status report on this subject is contained elsewhere in your agenda packet). When comparing current and future projects and the impact or potential impact they might have on the fund, it is useful to review" the projected cashflow projections for future years. Exhibit "3" is a projection of reVenues for the current and three (3) succeeding fiscal years. Although the total revenues to be received will probably not vary much over the entire time period, the amounts to be received in any given fiscal year could vary greatly based upon certain assumptions. For instance, it is anticipated that the California Housing Finance Agency (CUFA) permanent finanCing for the Ramona and Highland/Lutheran senior hOUSing projects will be receiVed some eighteen (18) months from the present, a little more than halfway through the 1991/1993 fiscal year. A similar assumption has been made relative to the sale of the Arrow Vista Homes. Staff has apportioned approximately $2.6 million dollars evenly over the 1992/1993 and 1993/1994 fiscal years. The sale of these homes depend in great part upon the condition of the overall economy. Based upon the projections provided in Exhibit "3", it is envisioned that approximately $19,782,733 in revenues will be received over the next four (4) years. Of this amount, $11,362,733 in new tax increment will be received, $6,420,000 will take the form of various repayments to the Department and $2,000,000 is anticipated to be received from the refunding of the Central City Bonds. At the August 27, 1991 Housing Committee meeting, the Committee approved the Twenty-Percent (20X) Set-Aside Status Report and recommended same be forwarded to the Community Development Commission s a receive and file item. Based upon the foregoing, staff recommends adoption of the form motion. OK, Executive Director De rtaent ------------------------------------------------------------------------------- KJH:lab:0134E COIIIISSIOK AGElOlA Meeting Date: 09/03/1991 Agenda Item Ko: ~ o o o o c: '0 .. . c: .. .... "'0 .. c: .. .... "'0 .. _4-_ o .. ..... ...c:- _0 .- .. .... .., ..l" .., .- - ~ ..~ ol~ ~c -... c: _ ....0 . .. -.., ~ "-c .0 4- ..- =0 -.. c:.. {= o - .. ~ & . - o - '" ~i ~~ ~I ~ ~] !~ O..,~O <;,,c. ,., 001> 01> O. . "':~";'1 "':"\I." 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Infill Housing Program (Single-Family) -Paeifie Land Investments (10 Units) $ 200,000.00 $ 477,243.00 $ 200,000.00 $ 2,000,000.00 $ 1,204,699.00 * 2.000.000.00 j16_2~6_717AOO -Foeal Development (7 Manufaetured Units; Ineludes Offsite Improvementa) -Performsnee Development (10 Manufaetured Uni ts) 7. Paeifie Land Inveatments (Development of s 25 Unit Single-Family Subdivision) 8. Housing for Independent People (RIP) (13 lental Units) . 9. Arden-Guthrie rOTAL AMOURr: ------------------------------------------------------------------------------- ICJR: lab: 01351 EXHIBIT "2" lp o o 0 . III I ~~:8gg8O~ ) ) .... >. I .0"'101'1.0'" 81'1 ... . . . . . . . . . Ol ....0.,,"'.....\0..,'" .... Ol NN.......N,..,. = Ol .<l ... O\NIrOCIO 1: .... .... ~ .... . .... ... .a: 0 '" NOl '" "'.<l ....'" ... ~ "'.... ... .......... ..... .. ... III ...... ... .... ... 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