HomeMy WebLinkAbout10 QUARTERLY REPORT FOR AFFORDABLE HOUSING DEFAULT REVOLVING FUNDAgenda Item 10
Reviewed:
AGENDA REPORT City Manager
Finance Director N/A
MEETING DATE: AUGUST 2, 2011
TO: WILLIAM A. HUSTON, INTERIM CITY MANAGER AND TUSTIN
COMMUNITY REDEVELOPMENT AGENCY INTERIM
EXECUTIVE DIRECTOR
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 Tustin Community
Redevelopment Agency ("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
It is recommended that the Redevelopment Agency and City Council receive and file the
attached Quarterly Report for the Affordable Housing Default Revolving Fund.
FISCAL IMPACT
There is no direct fiscal impact 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
affordable units monitored by the Redevelopment Agency and City at risk of foreclosure.
The authorization included a requirement that staff provide quarterly updates on fund
activity.
On March 1, 2011, the City Council authorized the City Attorney to pursue the City's
exercise of its right to purchase the moderate-income affordable housing unit at 14554
Agenda Report
Quarterly Report for Affordable Housing Default
Revolving Fund
August 2, 2011
Page 2
Newport Avenue #3 prior to any foreclosure sale of the subject property. On May 16th
the City purchased 14554 Newport Avenue #3 for $362,676.73, the Option Price
amount as outlined in the Affordable Housing Covenant. The balance in the Affordable
Housing Revolving Fund Account is currently at $887,323.27. The Agency is preparing
14554 Newport Avenue #3 to be listed for sale and, when it is sold to an affordable
homeowner, the proceeds from the sale will be deposited back into the Revolving Fund
Account.
The City Attorney's office is currently assisting with two (2) Notices of Sale, two (2)
Notices of Default, and one (1) Bankruptcy. The Agency has expended $16,958.66 for
City Attorney services associated with monitoring the status of these units and
expenses were billed against the FY 2010-2011 approved budget accounts, 553-35-00-
6016, 556-35-00-6016, and 559-35-00-6016.
The attached report contains the expenditures from the period of January 1, 2011 to
June 30, 2011. Given the nature of the billing process, expenditures for June 2011 are
expected to be paid in August. Staff will provide an updated expenditure report for the
Second Quarter when submitting the next quarterly report in November.
% -~_
~~
istine Shingleton Jerry Craig, e
Assistant City Manager, Program a ge
Attachment: Affordable Housing Default Revolving FundT-teport -Period Ending 06/30/11
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