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File Number: 15-562 <br />seeking any additional City financial assistance. <br />Upon the dissolution of redevelopment agencies in February 2012, all former redevelopment <br />agencies were required to submit a Housing Asset Inventory Report to DOF in summer 2012. <br />The City completed and submitted the report to DOF by the deadline, and DOF approved the <br />report shortly after submittal. CDLAC reviewed the HAT as part of Eden’s tax credit <br />application and noted that it did not find the Las Palmas loan on the list. City staff, upon <br />further review, confirmed that the $50,000 loan from Redevelopment Agency Housing <br />Set-Aside funds was inadvertently left off the report. <br />To rectify the omission from the HAT of the $50,000 loan to Las Palmas, DOF recommended <br />that the Successor Agency and the Oversight Board review and approve a resolution to <br />transfer this asset to the Housing Successor. The Oversight Board approved a resolution on <br />September 23, 2015. Under State law, the City Council must now approve assignment and <br />assumption of the loan agreement and related legal documents from the Successor Agency to <br />the City. The transfer of this asset is a prerequisite for Eden’s eligibility for low income housing <br />tax credits/tax-exempt bond financing to make needed improvements at Las Palmas <br />Apartments. <br />Previous Actions <br />On September 8, 2015, the City Council conducted a TEFRA public hearing and adopted a <br />resolution approving CMFA to issue revenue bonds for Eden’s tax credit/tax-exempt bond <br />financing application for renovations to Las Palmas Apartments. <br />Committee Review and Actions <br />On September 23, 2015, the Successor Agency Oversight Board approved by resolution that <br />the $50,000 Redevelopment Housing Set-Aside loan (from 2011) be transferred to the <br />housing successor pursuant to Health and Safety Code (HSC) section 34176 (a) (1) and <br />34177 (g). <br />Applicable General Plan Policies <br />The proposed renovations to Las Palmas Apartments by Eden Housing advance Goal 56 <br />(Affordable Housing Conservation) under the City ’s Housing Element Update, which was <br />certified by the State Housing and Community Development Department in February 2015. <br />Legal Analysis <br />The City Attorney’s Office reviewed and approved this staff report, resolution and related legal <br />documents (see File 15-563). <br />Fiscal Impacts <br />The assignment of the $50,000 loan from the Successor Agency to the City has no fiscal <br />impact to the City’s General Fund. The City will assume the $50,000 loan and will be assigned <br />any future loan repayments from Eden. <br />ATTACHMENT(S) <br />Page 2 City of San Leandro Printed on 9/29/2015