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

2. 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

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

4. 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

5. 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

6. 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

7. Key Terms of Transfer Agmts
City and County have made the requisite findings and met all conditions pursuant to HSC section (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