The annual report is required to contain the following: (1) a summary of housing successor duties; (2) the balance of the Low and Moderate Income Housing Asset Fund (“Housing Asset Fund”); (3) an inventory of properties held in the Housing Asset Fund; and (4) reports on performance thus far in meeting the income and age proportionality requirements of Health and Safety Code Section 34176.1.

  

The report is due to the California Department of Housing and Community Development by April 1st each year and must be posted on the County’s website. This report brings the Housing Successor into compliance with reporting requirements. The report for Fiscal Years 2013-14 to 2016-17 is being presented to the Board of Supervisors for its reference.

  

The County is meeting all requirements imposed by Health and Safety Code Section 34176.1. The County’s progress on major requirements is summarized below.

  

The balance in the fund as of June 30, 2017 was approximately $10.8 million, of which $7.0 million are bond proceeds issued prior to dissolution for affordable housing purposes. Revenues received during the period were modest with three exceptions. Proceeds from bond financings that were conducted before dissolution were allowed to be transferred to the Housing Successor in 2013-14. Secondly, the repayment of a loan from the Housing Fund to the Former Agency prior to dissolution was repaid through the ROPS process in 2015-16 (“SERAF Loan”). Finally, during 2016-17, the Agency received nearly $3 million in land sale proceeds. The specific amounts deposited are shown for each fiscal year on Table 1 of the report.

  

As the housing successor, the County owns 58 parcels with a statutory value of $7.67 million. Three parcels owned by the housing successor (1250 Las Juntas) were sold to the Habitat for Humanity for the development of affordable housing within the city limits of Walnut Creek.

  

The amount the Housing Successor is spending for housing monitoring and administrative costs is well below the then current limit as required by Health and Safety Code 34176.1(a)(1). Allowable administrative expenses for fiscal years 2013-14 and 2014-15 were limited to an amount equal to 2.0 percent of the total of the amount of loans receivable and statutory value of land held for resale. Commencing in 2015-16, that limit increased from 2.0 percent to 5.0 percent. Table 1 of the report shows actual expenditures and the maximum allowable for each fiscal year.

  

Non-administrative expenditures from the Housing Fund were focused on expenditures related to Heritage Point Affordable Housing Project. This project will consist of a four story 42 unit multifamily apartments with one to three bedrooms which will be available to Very Low Income Households.