PREPARED BY: ELIZABETH LOPEZ DATE OF MEETING: 12/9/2024
SUBJECT:
TITLE
SB 341 AUDIT OF THE LOW- AND MODERATE-INCOME HOUSING ASSET FUND
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
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BODY
COUNCIL PRIORITY WORKPLAN STATEMENT:
Expand Housing Options is a stated major policy goal and includes Increase Homeownership; Expand/Explore Affordable Housing Programs; and Diversify and Improve the Quality of Housing Stock which are adopted policy items under the FY 2023-25 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
Pursuant to the statewide dissolution of redevelopment agencies in 2011, the City of San Pablo elected to retain the housing assets and affordable housing functions of the San Pablo Redevelopment Agency as the housing successor subject to the affordable housing-related provisions of the California Redevelopment Law. On October 13, 2013, the Governor approved Senate Bill 341 (SB 341) which amended provisions of the California Redevelopment Law and changed annual reporting requirements.
Housing successors are now required to provide an independent financial audit of the Low- and Moderate-Income Housing Asset Fund to its governing body within six months after the end of each fiscal year. The annual audit by Maze & Associates fulfills this requirement but is not yet completed. Accordingly, staff uses the figures from the draft audit to complete the attached exhibit, which highlights the Low- and Moderate-Income Housing Asset Fund. The audit, once completed, will also be included in the record.
The attached report fulfills all SB 341 reporting requirements for FY 2023-24. Other requirements will be met later in the fiscal year when the General Plan progress report is submitted.
FISCAL IMPACT
This item is for informational purposes only.
ATTACHMENTS:
Att A- SB 341 Annual Report for June 30, 2024
Att B - 2010-2014 Five Year Implementation Pla...
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