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File #: 19-042    Version: 1 Name:
Type: Report Item Status: Passed
File created: 1/15/2019 In control: City Council/Public Finance and Economic Development Authority/Parking Authority
On agenda: 4/1/2019 Final action: 4/1/2019
Title: SUBJECT: Report - Housing Successor Expenditure Report and Property Disposition Options for Nine Properties Owned by the Housing Successor Agency (HSA), Approximate Balance of the LMI Housing Account, Dedicating $1.2 Million for Childs Court Apartments and the Submission of the Fiscal Year 2017/18 SB 341 Report to the California Department of Housing and Community Development (HCD) REPORT IN BRIEF Presentation from RSG, Inc. on recommended options to spend Low and Moderate Income (LMI) Housing Asset Funds and dispose of vacant properties held by the City of Merced as Housing Successor to the former Merced Redevelopment Agency based on available assets and activities to date. RECOMMENDATION City Council - Adopt a motion providing Housing Staff and RSG with input and direction on Housing Successor Expenditure and Disposition Options and receiving and submitting the Housing Successor Annual Report for Fiscal Year 2017-18 to the California Department of Housing and Community Development...
Sponsors: Development Services Department, Mark Hamilton
Attachments: 1. Housing Successor Property Maps, 2. Table Summarizing RSG Recommendations.pdf, 3. Merced Expenditure & Disposition Options 2019-03-27_Final.pdf, 4. Merced SB 341 Annual Report FY 2017-18_Final 3.27.19.pdf, 5. HSA Expenditure and Property Options Presentation_3_7_19.pdf
Report Prepared by: Mark Hamilton, Housing Program Supervisor, Housing Division, Development Services Department

Title
SUBJECT: Report - Housing Successor Expenditure Report and Property Disposition Options for Nine Properties Owned by the Housing Successor Agency (HSA), Approximate Balance of the LMI Housing Account, Dedicating $1.2 Million for Childs Court Apartments and the Submission of the Fiscal Year 2017/18 SB 341 Report to the California Department of Housing and Community Development (HCD)

REPORT IN BRIEF
Presentation from RSG, Inc. on recommended options to spend Low and Moderate Income (LMI) Housing Asset Funds and dispose of vacant properties held by the City of Merced as Housing Successor to the former Merced Redevelopment Agency based on available assets and activities to date.

RECOMMENDATION
City Council - Adopt a motion providing Housing Staff and RSG with input and direction on Housing Successor Expenditure and Disposition Options and receiving and submitting the Housing Successor Annual Report for Fiscal Year 2017-18 to the California Department of Housing and Community Development.

Body
DISCUSSION
Background and Current Assets

Assembly Bill x1 26 dissolved all California redevelopment agencies in 2012. The City of Merced ("City") acts as the Housing Successor Agency ("Housing Successor") to the former Redevelopment Agency of the City of Merced ("Former Agency"). Several housing assets were transferred from the Former Agency to the Housing Successor as part of the redevelopment dissolution process.

Current Housing Successor assets include:
* $1.4 million in Low and Moderate Income Housing Asset Funds ("Housing Asset Funds"):
o $1.2 Million is proposed to be reserved to Childs Court Apartments,
o $200,000 is proposed to be reserved for related administrative expenses;
* Over $8 million in loans receivable; and,
* Nine vacant properties.

Staff anticipates one additional vacant property will be transferred to the Housing Successor ...

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