HomeMy WebLinkAbout15 QTRLY REPORT AFFORDABLE HOUSING DEFAULT REVOLVING FUNDAGENDA REPORT
Agenda Item 15
Reviewed:
City Manager
Finance Director N A
MEETING DATE: APRIL 19, 2011
TO: WILLIAM A. HUSTON, INTERIM CITY MANAGER
FROM: REDEVELOPMENT AGENCY
SUBJECT: QUARTERLY REPORT FOR AFFORDABLE HOUSING DEFAULT
REVOLVING FUND
SUMMARY
The Cooperative Agreement between the City Council and Tustin Community
Redevelopment Agency authorizing the creation of an Affordable Housing Default
Revolving Fund, requires Agency staff to provide the City Council and Redevelopment
Agency with a quarterly report detailing any default activity within the City's Affordable
Housing Program and identifying costs associated with curing any potential defaults.
RECOMMENDATION
Receive and file.
FISCAL IMPACT
There is no direct fiscal impacts associated with this Agenda item.
BACKGROUND
On February 1, 2011, the City Council and Tustin Community Redevelopment Agency
approved a Cooperative Agreement authorizing the creation of an Affordable Housing
Default Revolving Fund to exercise redemption and reimbursement rights and/or option
to purchase rights under the City and Agency's Affordable Housing Programs for units
at risk of foreclosure. The authorization included a requirement that staff provide
quarterly updates on fund activity.
The City Attorney's office is currently assisting with two (2) Notices of Sale, two (2)
Notices of Default, and one (1) bankruptcy affecting units within the City's Affordable
Housing Program. To date, the City has not exercised its right of redemption and
reimbursement or option to purchase on any of these units. The expenditures of
$1,202.74 listed on the attached quarterly report were City Attorney expenses
associated with monitoring the status of two of these units and were billed against the
Agenda Report
April 19, 2011
Page 2
FY 2010-2011 approved City Attorney budget accounts, 553-35-00-6016 and 556-35-
00-6016. The balance in the Affordable Housing Revolving Fund Account remains at
the beginning balance of One Million Two Hundred Fifty Thousand Dollars ($1,250,000).
The attached report contains the expenditures from the period of January 1, 2011 to
March 31, 2011. Given the nature of the billing process, the expenditures paid in the
month of February were for charges actually incurred in January of 2011. Expenditures
for February and March 2011 are expected to be billed and paid during the months of
April and May. The next expenditure report in July should more adequately reflect the
costs incurred for this first quarter.
/ ~~~~
" Christine Shingleton
Assistant City Manager
Attachment: Affordable Housing Default Revolving Fund Report- Period Ending 03/31/11
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