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Housing Authority of the City of Palmdale Annual Report Pursuant to Health & Safety Code Section 34176.1 For the Fiscal Year Ended June 30, 2020 ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 1 Introduction California Health & Safety Code §34176.1* requires that each housing successor present to its legislative body and post on its Internet website an annual report that contains the following items for the previous fiscal year: • The amount deposited to the Low and Moderate Income Housing Asset Fund distinguishing items listed on the Recognized Obligation Payment Schedule from other accounts. • A statement of the balance in the fund as of the close of the fiscal year, distinguishing any amounts held for items listed on the Recognized Obligation Payment Schedule from other amounts. • A description of expenditures from the fund by category, including but not limited to, expenditures for: o monitoring and preserving the long-term affordability of units subject to affordability restrictions or covenants entered into by the redevelopment agency or the housing successor and administering activities funded with the Low and Moderate Income Housing Asset Fund o homeless prevention and rapid rehousing services o development of affordable housing. • The statutory value of real property owned by the housing successor, the value of loans and grants receivable, and the sum of these two amounts. • A description of any transfers made to a contiguous jurisdiction for the purpose of developing transit priority projects, permanent supportive housing, housing for agricultural employees or special needs housing in the previous fiscal year and, if still unencumbered, in earlier fiscal years and a description of and status update of any project for which transferred funds have been or will be expended if that project has not yet been placed in service. • A description of any project for which the housing successor receives or holds property tax revenue pursuant to the Recognized Obligation Payment Schedule and the status of that project. • For interests in real property acquired by the former redevelopment agency prior to February 1, 2012, a status update on compliance with Section 33334.16, as amended by Section 34176.1(e). For interests in real property acquired on or after February 1, 2012, a status update on the project. • A description of any outstanding obligations pursuant to Section 33413 that remained to transfer to the housing successor on February 1, 2012, of the housing successor’s progress in meeting those obligations, and of the housing successors plans to meet unmet obligations. • The housing successor shall include in the report posted on its Internet website the implementation plans of the former redevelopment agency. • If the housing successor fails to comply with the extremely low income requirement in any five year report, demonstrate progress to comply in the annual report. • The percentage of units of deed restricted rental housing restricted to seniors and assisted individually or jointly by the housing successor, its former redevelopment agency, and its ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 2 host jurisdiction within the previous 10 years in relation to the aggregate number of units of deed restricted rental housing assisted individually or jointly by the housing successor, its former redevelopment agency, and its host jurisdiction within the same time period. • The amount of excess surplus, as defined in Section 34176(d), the amount of time that the housing successor has had excess surplus, and the housing successor’s plan for eliminating the excess surplus. • An inventory of homeownership units assisted by the former redevelopment agency or the housing successor that are subject to covenants or restrictions or to an adopted program that protects the former redevelopment agency's investment of moneys from the Low and Moderate Income Housing Fund pursuant to subdivision of Section 33334.3. This inventory shall include all of the following information: The number of those units. In the first report pursuant to this subdivision, the number of units lost to the portfolio after February 1, 2012, and the reason or reasons for those losses. For all subsequent reports, the number of the units lost to the portfolio in the last fiscal year and the reason for those losses. Any funds returned to the housing successor as part of an adopted program that protects the former redevelopment agency's investment of moneys from the Low and Moderate Income Housing Fund. Whether the housing successor has contracted with any outside entity for the management of the units and, if so, the identity of the entity. * All references are to the Health & Safety Code unless otherwise stated ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 3 The following information is presented in accordance with the requirements of Section 34176.1(f): The amount deposited to the Low and Moderate Income Housing Asset Fund. The amount deposited to the Low and Moderate Income Housing Asset Fund includes deposits for items on the Recognized Obligations Payment Schedule and funds generated from the housing successor’s assets, including revenues and loan payments. A summary of funds deposited is below: Description Amount Deposits for items on the ROPS All other deposits $0 $2,280,022 Total $2,280,022 A statement of the balance in the fund as of the close of the fiscal year. The balance of the Low and Moderate Income Housing Asset funds is $15,218,251. A description of expenditures from the fund by category: Description Amount Expenditures for ROPS items Monitoring and preserving the long-term affordability of units & administration of Low and Moderate Income Housing Asset Fund activities $577,837 Homeless prevention and rapid rehousing services. 112,844 Development* expenditures _3,841,821 Total $4,532,502 *Section 34176.1(a)(3)(D) defines “Development” as “new construction, acquisition and rehabilitation, substantial rehabilitation as defined in Section 33413, the acquisition of long-term affordability covenants on multifamily units as described in Section 33413, or the preservation of an assisted housing development that is eligible for prepayment or termination or for which within the expiration of rental restrictions is scheduled to occur within five years as those terms are defined in Section 65863.10 of the Government Code.” The statutory value of real property owned by the housing successor, the value of loans and grants receivable, and the sum of these two amounts. Description Statutory Value Real Property $ 10,847,361 Loans and Grants Receivable $21,577,799 Total $32,425,160 ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 4 A description of any transfers made to a contiguous jurisdiction for the purpose of developing transit priority projects, permanent supportive housing, housing for agricultural employees or special needs housing in the previous fiscal year. None. A description of any project for which the housing successor receives or holds property tax revenue pursuant to the Recognized Obligation Payment Schedule and the status of that project. The housing successor is holding $2,979,549 of property tax revenue in an escrow account at US Bank for the Transit Village Townhome Project for Mortgage Assistance Program loans for eligible participants, impact fees, and construction funds. Additional property tax revenue in the Low and Moderate Income Housing Asset Fund is encumbered to satisfy the obligation under a Standard Agreement with the California Department of Housing and Community Development to develop 46 affordable townhomes. Construction of the infrastructure for 122 units has been completed. A parcel map for the project area has been completed and recorded. For interests in real property acquired by the former redevelopment agency prior to February 1, 2012, a status update on compliance with Section 33334.16, as amended by Section 34176.1. For interests in real property acquired on or after February 1, 2012, a status update on the project. Acquired before February 1, 2012 Parcel Date Acquired/DOF Approved Status 3006-008-906/907/908 293-191120 07/22/2005 10/5/2012 Agreement A-1977 for development of 122 units of owner occupied townhomes 503 East Avenue Q-3 3008-010-020 (906) (293-191160) 07/19/2007 10/5/2012 Held for resale. 3008-010-015(904) (293-191230) 10/15/2004 10/5/2012 Vacant land held for development Acquired after February 1, 2012 Parcel 38553 4th St East (3008-016-902) Date Acquired 10/02/2013 Status Held for resale. 38627 32nd Street East (3021-005-900) 08/16/2013 Held for resale 1129 East Avenue R4 04/23/2015 Rehabilitated and held for resale 3008-010-021(907) (293-191243) 04/26/2013 Vacant and held for resale/development 38301 11th Street East 09/03/2015 Rehabilitation 38272 11th Street East 09/03/2015 Rehabilitation 38204 11th Street East 09/03/2015 Rehabilitation 38045 & 38055 10th Street East 09/03/2015 Rehabilitation 507 and 513 East Avenue Q4 Held for resale ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 5 A description of any outstanding replacement or production housing obligations pursuant to Section 33413 that remained to transfer to the housing successor on February 1, 2012, of the housing successor’s progress in meeting those obligations, and of the housing successors plans to meet unmet obligations. No outstanding or unmet obligations. The housing successor shall include in the report posted on its Internet website the implementation plans of the former redevelopment agency. The most current implementation plan is posted at http://www.cityofpalmdale.org/Your-City- Hall/Federal-and-State-Grants. If the housing successor fails to comply with the extremely low income requirement in any five year report, demonstrate progress to comply in the annual report. N/A (10) The percentage of units of deed restricted rental housing restricted to seniors and assisted individually or jointly by the housing successor, its former redevelopment agency, and its host jurisdiction within the previous 10 years in relation to the aggregate number of units of deed restricted rental housing assisted individually or jointly by the housing successor, its former redevelopment agency, and its host jurisdiction within the same time period. Project Date completed Units Senior or Family Summer Terrace 7/2009 80 Senior Palo Verde Terrace 12/2009 78 Senior Wright Bros Ct 12/2013 156 Family NBO 513 Q4 08/27/2009 4 Family NBO 507 Q4 2011 4 Family Manzanita Villas 6/1/2012 29 Family 20% of 144 units Valdez 1012 Q5 7/11/2014 1 Family Palmdale Dream Center 02/12/2015 11 Transitional/Family La Quinta Apts 09/03/2015 100 Family Summerwood Apts 09/03/2015 54 Family Park Vista Apts 09/03/2015 28 Family Impressions Apts 09/03/2015 109 Senior ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 6 Project Date completed Units Senior or Family ACT Duplex 513 Q2 07/10/2013 2 Family Estes 509 Q6 12/10/2015 4 Family Estes 515 Q6 12/10/2015 4 Family Courson Arts Colony East 12/14/2016 81 Family Courson Arts Colony West 05/08/2017 80 Family 38709 Larkin 02/28/2019 4 Family Total 829 Senior 267 31% Senior (11) The amount of excess surplus, the amount of time that the successor agency has had excess surplus, and the housing successor’s plan for eliminating the excess surplus. Section 34176.1(d) defines excess surplus as an unencumbered amount in the account that exceeds the greater of one million dollars or the aggregate amount deposited into the account during the housing successor’s preceding four fiscal years, whichever is greater. ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 7 Computation of Low and Moderate Income Housing Asset Funds Excess Surplus Low & Moderate Income Housing Asset Funds July 1, 2019 Cash Balance $16,717,779 Less Encumbrances ($14,094,121) Unencumbered Amount $2,623,658 Limitation = greater of $1,000,000 or housing successor’s preceding four fiscal years’ deposits (§34176.1(d)) Deposits in housing successor’s last four fiscal years: Fiscal year 2018-2019 $2,186,951 Fiscal year 2017-2018 $3,670,019 Fiscal year 2016-2017 $6,370,141 Fiscal year 2015-2016 $3,294,143 Total housing successor’s four fiscal years deposits $15,521,254 Base Limitation $ 1,000,000 Limitation - Greater Amount $15,521,254 Computed Excess Surplus [Unencumbered Amount exceeding the Limitation] NONE (12) An inventory of homeownership units assisted by the former redevelopment agency or the housing successor that are subject to covenants or restrictions or to an adopted program that protects the former redevelopment agency's investment of moneys from the Low and Moderate Income Housing Fund pursuant to subdivision of Section 33334.3. This inventory shall include all of the following information: The number of those units. In the first report pursuant to this subdivision, the number of units lost to the portfolio after February 1, 2012, and the reason or reasons for those losses. For all subsequent reports, the number of the units lost to the portfolio in the last fiscal year and the reason for those losses. Any funds returned to the housing successor as part of an adopted program that protects the former redevelopment agency's investment of moneys from the Low and Moderate Income Housing Fund. Whether the housing successor has contracted with any outside entity for the management of the units and, if so, the identity of the entity. ---PAGE BREAK--- Housing Authority of the City of Palmdale Annual Report Fiscal Year Ended June 30, 2020 8 Number of homeownership units assisted by the former redevelopment agency or the housing successor and subject to covenants or restrictions at 6/30/2020: 158 Number of units lost to portfolio July 1, 2019 through June 30, 2020: 6 Reasons for Losses: Loans paid: 6 Loans lost to foreclosure or value of property less than loan: 0 Funds received by the Housing Authority: July 1, 2019 - June 30, 2020: $193,198 The Housing Authority of the City of Palmdale has not contracted with an outside entity for the management of the units.