FINANCE COMMITTEE CITY COUNCIL Housing Assets Transfer James Wong Senior Project Manager June 11, 2018

Staff Recommendation Determine that the proposed activity is not a “project” and not subject to CEQA Approve budget amendment to transfer NTE amt $472,399 Hsg Successor funds to County Find that the action will not cause or exacerbate racial, ethnic or economic segregation in Pasadena Approve key terms of Transfer Agreements Authorize City Mgr to execute and City Clerk to attest Transfer Agmts and other required docs

Background In Dec 2017 City requested State to extend deadline for $193K encumbrance to 6/30/18 – State will respond by June 18

Background Excess Surplus funds must assist housing projects at specified income levels: >70% (or less) of funds on projects which target income at up to 60% and 80% AMI >30% (or more) of funds on projects which target income at up to 30% AMI (ie, permanent supportive housing) City’s $472K Excess Surplus must be encumbered for 30% AMI project

Background Excess Surplus not encumbered must be remitted to the State Dissolution Law provides alternative of transferring Excess Surplus to another Housing Successor located within 15 miles County Hsg Successor to take action 6/26/18

Miramonte Apartments Project 44-unit permanent supportive housing project located at 7321 Miramonte Blvd in unincorporated LA County Target population: homeless persons & families with income at or below 30% AMI Developed by nonprofit A Community of Friends

Key Terms of Transfer Agmts City and County have made the requisite findings and met all conditions pursuant to HSC section 34176.1(c)(2) City shall transfer Hsg Successor Funds not to exceed $472,399 to County: $278,924 (FY2015) plus $193,475 (FY2014 subject to State approval) no later than 6/29/18