HomeMy WebLinkAbout08 QUARTERLY REPORT FOR AFFORDABLE HOUSINGAGET~TDA REPORT
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Agenda Item
Reviewed:
City Manager
Finance Director _ N/A
MEETING DATE: NOVEMBER 1, 2011
TO: WILLIAM A. HUSTON, INTERIM CITY MANAGER AND REVELOPMENT
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 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 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 units
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 purchase of 14554 Newport Avenue
#3, amoderate-income affordable housing unit prior to any foreclosure sale of the
subject property and, on May 16th, the City purchased the unit for $362,476.73. The
City is currently paying homeowners association dues and preparing the unit for listing.
When 14554 Newport Avenue #3 is sold to another affordable homeowner, the
Agenda Report
Quarterly Report for Affordable Housing Default
Revolving Fund
November 1, 2011
Page 2
proceeds from the sale will be deposited back into the Affordable Housing Default
Revolving Fund Account. The balance in the Revolving Fund Account is currently at
$885,233.27. The Revolving Fund Account has one future obligation, based on the City
Council's action at its meeting on October 18, 2011, providing direction to staff and the
City Attorney's Office to exercise the City's right of redemption and/or option to
purchase the moderate-income affordable housing unit at 103 Liberty Street.
The City Attorney's office is currently assisting with one (1) Notice of Sale, one (1)
Notice of Default, one (1) Short Sale, and one (1) Bankruptcy. The Agency has
expended $17,805.62 for City Attorney services associated with monitoring the status of
these units and expenses were billed against FY 2010-2011 and FY 2011-2012
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
September 30, 2011. Given the nature of the billing process, expenditures for
September 2011 will not likely show up on the report until actual payment in November.
Staff will provide an updated expenditure report for the Third Quarter when submitting
the next quarterly report in February 2012.
Christine Shingleton
Assistant City Manager'
Attachment: Affordable Housing Default Revolving Fund Report -Period Ending 09/30/11
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