Report to Housing Authority
Tuesday, March 06, 2018
Consent
SUBJECT:
Title
CONSIDER APPROPRIATION OF HOUSING AUTHORITY FUNDS TO THE FINANCIAL INCENTIVES ACCOUNT TO COMPLETE FUNDING OF CURRENT PROJECTS AND COMPLETE FUNDING OF THE META HOUSING PROJECT (HOUSING AUTHORITY)
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I. SUMMARY
The City's Housing Authority carries out the housing function of the former Carson Redevelopment Agency in accordance with the California Housing Authority Law and other applicable housing-related regulations. Staff is recommending that $4,752,922.00 of Housing Authority funds be appropriated to the Authority's financial incentive account to complete funding of existing projects and to fund its remaining obligation under an Agreement with Meta Housing dated March 31, 2017.
II. RECOMMENDATION
Recommendation
APPROPRIATE $4,752,922.00 of Housing Authority funds to the Authority's financial incentive account to fund current and upcoming projects.
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III. ALTERNATIVES
TAKE any other action that the Authority deems appropriate and is within the requirements of law.
IV. BACKGROUND
Housing Authority financial incentive funds were used to help facilitate the construction of Affirmed Housing's Bella Vita project on Sepulveda Boulevard, an affordable senior housing project that is nearing completion and the Veteran's Village housing project at the corner of Carson and Figueroa Streets, an affordable veterans' housing project that broke ground this month. In the Bella Vita project the Authority has processed regular construction draw requests, while in the Veteran's project the Authority contributed its funds at the close of escrow, with draws being processed by the master construction lender.
While the Authority had sufficient funds in its fund balance to fund these projects, it did not appropriate sufficient funds in Fiscal Year 2017-18, and has overdrawn the Financial Incentives account by $1,952,922.00. This action would appropriate funds to cover the shortfall and pr...
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