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2015 01 20 HAVFL116 oil HIM Housing Authority agendas and staff reports are available on the City's web site: www.la-quinta. org HOUSING AUTHORITY AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta REGULAR QUARTERLY MEETING TUESDAY, JANUARY 20, 2015 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Authority Members: Evans, Franklin, Osborne, Radi, Temporary Chairperson Pena VERBAL ANNOUNCEMENT — AB 23 [AUTHORITY SECRETARY] CLOSED SESSION — NONE PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA At this time, members of the public may address the Housing Authority on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. The Housing Authority values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS - NONE CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. PAGE 1. APPROVE MINUTES OF NOVEMBER 18, 2014, DECEMBER 16, 4 2014 AND JANUARY 6, 2015 HOUSING AUTHORITY AGENDA 1 JANUARY 20, 2015 PAGE 2. APPROVE FINANCIAL AND COMPLIANCE REPORTS FOR 10 WASHINGTON STREET APARTMENTS FOR YEAR ENDED JUNE 30, 2014 3. ADOPT A POLICY REGARDING UNSCHEDULED VACANCIES ON 46 THE HOUSING COMMISSION 4. APPROVE LA QUINTA HOUSING AUTHORITY ANNUAL REPORT 48 FOR FISCAL YEAR 2013/2014 BUSINESS SESSION 1. SELECT THE HOUSING AUTHORITY CHAIRPERSON AND VICE 70 CHAIRPERSON FOR 2015 STUDY SESSION - NONE REPORTS AND INFORMATIONAL ITEMS - NONE DEPARTMENTAL REPORTS - NONE CHAIR AND BOARD MEMBERS' ITEMS - NONE PUBLIC HEARINGS - NONE ADJOURNMENT The next regular quarterly meeting of the Housing Authority will be held on April 21, 2015 at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. HOUSING AUTHORITY AGENDA 2 JANUARY 20, 2015 DECLARATION OF POSTING I, Susan Maysels, Authority Secretary of the La Quinta Housing Authority, do hereby declare that the foregoing agenda for the La Quinta Housing Authority was posted near the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on January 16, 2015 DATED: January 16, 2015 SUSAN MAYSELS, Authority Secretary La Quinta Housing Authority Public Notices The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7103, twenty-four (24) hours in advance of the meeting and accommodations will be made. If special electronic equipment is needed to make presentations to the Housing Authority, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1) week notice is required. If background material is to be presented to the Housing Authority during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. Any writings or documents provided to a majority of the Housing Authority regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. HOUSING AUTHORITY AGENDA 3 JANUARY 20, 2015 HOUSING AUTHORITY MINUTES TUESDAY, NOVEMBER 18, 2014 A regular meeting of the La Quinta Housing Authority was called to order at 6:10 p.m. by Chairperson Henderson. PRESENT: Authority Members Adolph, Evans, Franklin, Osborne, Chair Henderson ABSENT: None VERBAL ANNOUNCEMENT — AB 23 was made by the Authority Secretary. Chairperson Henderson asked that the record show that she has not accepted the stipend for about two years. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA None CONFIRMATION OF AGENDA Confirmed CONSENT CALENDAR 1. APPROVE MINUTES OCTOBER 21, 2014 2. APPROVE THE HOUSING SUCCESSOR ANNUAL REPORT REGARDING THE LOW AND MODERATE INCOME HOUSING ASSET FUND PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 34176.1(F) FOR THE LA QUINTA HOUSING AUTHORITY MOTION — A motion was made and seconded by Authority Members Franklin/Evans to approve the Consent Calendar as recommended. Motion passed unanimously. BUSINESS SESSION None REPORTS AND INFORMATION ITEMS None CHAIR AND BOARD MEMBERS' ITEMS None PUBLIC HEARINGS None ADJOURNMENT There being no further business, it was moved and seconded by Authority Members Evans/Franklin to adjourn at 6:11 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Authority Secretary La Quinta Housing Authority HOUSING AUTHORITY MINUTES 1 NOVEMBER 14, 2014 4 HOUSING AUTHORITY MINUTES TUESDAY, DECEMBER 16, 2014 MOTION — A motion was made and seconded by Authority Members Franklin/Radi to select Authority Member Pena as temporary Chairperson until the next regular meeting at which the 2015 Chair and Vice Chair will be selected. A special meeting of the La Quinta Housing Authority was called to order at 3:01 p.m. by temporary Chairperson Pena. PRESENT: Authority Members Evans, Franklin, Osborne, Radi, temporary Chairp Pena ABSENT: None VERBAL ANNOUNCEMENT — AB 23 was made by the Authority Secretary JOINT CLOSED SESSION OF CITY COUNCIL AND HOUSING AUTHORITY 1. CONFERENCE WITH REAL PROPERTY NEGOTIATORS PURSUANT TO GOVERNMENT CODE SECTION 54956.8 FOR PROPERTY LOCATED AT AVENIDA MONTEZUMA AND AVENIDA NAVARRO ADJACENT TO THE EAST SIDE OF FRANCIS HACK PARK (APNS: 773-077-015 AND 773-101- 013). AGENCY NEGOTIATOR: FRANK J. SPEVACEK, EXECUTIVE DIRECTOR NEGOTIATING PARTIES: CITY OF LA QUINTA AND LA QUINTA HOUSING AUTHORITY UNDER NEGOTIATION: POTENTIAL TERMS OF PAYMENT TEMPORARY CHAIRPERSON PENA RECESSED THE AUTHORITY MEETING TO THE JOINT CLOSED SESSION AT 3:09 P.M. TEMPORARY CHAIRPERSON PE19A RECONVENED MEETING AT 4:04 P.M. CONFIRMATION OF AGENDA CONSENT CALENDAR BUSINESS SESSION PUBLIC HEARINGS ADJOURNMENT Confirmed None None None There being no further business, it was moved and seconded by Authority Members Evans/Franklin to adjourn at 4:04 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Authority Secretary HOUSING AUTHORITY MINUTES DECEMBER 16, 2014 6 HOUSING AUTHORITY MINUTES TUESDAY, JANUARY 6, 2015 A regular meeting of the La Quinta Housing Authority was called to order at 3:31 p.m. by Temporary Chairperson Pena. PRESENT: Authority Members Evans, Franklin, Osborne, Radi, Temporary Chair Pena ABSENT: None VERBAL ANNOUNCEMENT — AB 23 was made by the Authority Secretary PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA - None JOINT CLOSED SESSION OF CITY COUNCIL AND HOUSING AUTHORITY 1. CONFERENCE WITH REAL PROPERTY NEGOTIATORS PURSUANT TO GOVERNMENT CODE SECTION 54956.8 FOR PROPERTY LOCATED AT AVENIDA MONTEZUMA AND AVENIDA NAVARRO ADJACENT TO THE EAST SIDE OF FRANCIS HACK PARK (APNS: 773-077-015 AND 773-101- 013). AGENCY NEGOTIATOR: FRANK J. SPEVACEK, EXECUTIVE DIRECTOR NEGOTIATING PARTIES: CITY OF LA QUINTA AND LA QUINTA HOUSING AUTHORITY UNDER NEGOTIATION: PRICE AND TERMS OF PAYMENT TEMPORARY CHAIRPERSON PENA RECESSED THE AUTHORITY MEETING TO THE JOINT CLOSED SESSION AT 3:31P.M. TEMPORARY CHAIRPERSON PEIVA RECONVENED THE MEETING AT 4:02 P.M. CONFIRMATION OF AGENDA CONSENT CALENDAR BUSINESS SESSION PUBLIC HEARINGS Confirmed None None None ADJOURNMENT There being no further business, it was moved and seconded by Authority Members Evans/Franklin to adjourn at 4:03 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Authority Secretary HOUSING AUTHORITY MINUTES 1 January 6, 2015 8 {' f t ' Ir w OF T1�� CITY / SA / HA / FA MEETING DATE: January 20, 2015 AGENDA CATEGORY: ITEM TITLE: APPROVE FINANCIAL AND COMPLIANCE BUSINESS SESSION: REPORTS FOR WASHINGTON STREET APARTMENTS FOR YEAR ENDED JUNE 30, 2014 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Approve the Financial and Compliance Reports for Washington Street Apartments for the year ended June 30, 2014. EXECUTIVE SUMMARY: The La Quinta Redevelopment Agency (Agency) acquired Washington Street Apartments in October 2008. Subsequently, La Quinta Housing Authority assumed ownership of this property when the Agency was dissolved. An annual audit is required by the United States Department of Agriculture (Attachment 1) and Housing Authority approval is required. FISCAL IMPACT: None. BACKGROUND/ANALYSIS: Washington Street Apartments is a 73-unit development designed for low-income seniors and owned by La Quinta Housing Authority. The apartment complex is managed by Hyder & Company, and rental operations began in November 2008. `N7 As the United States Department of Agriculture provides federal funding for Washington Street Apartments, an annual audit is required. The audit was performed by Joyce Rethmeier, CPA. During the fiscal year ended June 30, 2014, Washington Street Apartments collected operating revenues of $622,425 and expended $491,877 for operations, resulting in net income of $130,548. Non -operating expenditures were $100,915, resulting in an increase in net assets for the year of $29,633. ALTERNATIVES: Staff has reviewed and verified the report and does not recommend an alternative. Report prepared by: Rita Conrad, Finance Director Report approved for submission by: Frank J. Spevacek, City Manager Attachment: 1. Washington Street Apartments Financial and Compliance Report for the Year Ended June 30, 2014 Is ATTACHMENT 1 WASHINGTON STREET APARTMENTS FINANCIAL AND COMPLIANCE REPORTS JUNE 30, 2014 AND 2013 12 CONTENTS PAGE Independent Auditor's Report 3-4 Financial Statements Statements of Financial Position 5-6 Statements of Activities 7 Statements of Cash Flows 8-9 Notes to the Financial Statements 10-13 Supplemental Information 15-18 Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 19-20 Audit Findings on Compliance 21 Independent Auditor's Report on Compliance for Each Major Federal Program; And on Internal Control Over Compliance Required by OMB Circular A-133 22-23 Schedule of Findings and Questioned Costs 24 Schedules of Expenditures of Federal Awards 25 Accompanying Multiple Family Housing Borrower Balance Sheet — Form RD 3560-10 26-27 Accompanying Multiple Family Housing Project Budget — Form RD 3560-7 28-33 13 JOYCE E. RETHMEIER CERTIFIED PUBLIC ACCOUNTANT Independent Auditor's Report To La Quinta Housing Authority Washington Street Apartments (An elderly housing development owned by La Quinta Housing Authority) La Quinta, CA Report on the Financial Statements USDA Rural Development Moreno Valley Office Moreno Valley, CA I have audited the accompanying financial statements of Washington Street Apartments (An elderly housing development owned by La Quinta Housing Authority), Case No. 04-033-764165310, as of and for the years ended June 30, 2014 and 2013, which comprise the statements of financial position, activities and cash flows, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility My responsibility is to express opinions on these financial statements based on my audit. I conducted my audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. 235 West Fifth Avenue, Suite 120, Escondido, CA 92025 Tel (760) 233-2244 Fax (760) 233-2166 Member of American Institute of Certified Public Accountants California Society of Certified Public Accountants 14 Opinion In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Washington Street Apartments, as of June 30, 2014 and 2013, and changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Other Matters Other Information My audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplementary information shown on page 15-17 and 25-32 is presented for purposes of additional analysis and is not a required part of the basic financial statements of Washington Street Apartments. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statement and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In my opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, I have also issued a report dated August 31, 2014, on my consideration of Washington Street Apartment's internal control over financial reporting and on my tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of my testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Washington Street's internal control over financial reporting and compliance. c6at4v � ��9 Joyce E. Rethmeier Certified Public Accountant August 31, 2014 15 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) CASE NO.04-033-764165310 STATEMENTS OF FINANCIAL POSITION JUNE 30, ASSETS Current Assets Cash Rental assistance receivable Tenant receivable Prepaid expenses Total Current Assets Restricted Deposits and Funded Reserves Cash restricted for tenant security deposits Real estate tax and insurance reserve Replacement reserve Rental Property Land Buildings & Improvements Less: Accumulated Depreciation Other Assets Permanent loan fees, net of accumulated amortization of $7,866 and $6,478 in 2014 and 2013 Deposits Total Assets 2014 $ 99,323 31,954 4,992 8,735 145,004 27,717 15,728 717,936 761,381 3,447,094 2,748,477 6,195,571 (520,938) 5,674,633 10,068 13,600 23,668 2013 $ 110,600 33,712 9,774 10,311 164,397 26,778 14,229 636,819 677,826 3,447,094 2,748,477 6,195,571 (428,911) 5,766,660 11,456 13,600 25,056 $ 6,604,686 $ 6,633,939 The accompanying notes are an integral part of these financial statements. -5- 16 WASHINGTON STREET APARTMENTS ( An elderly housing development owned by La Quinta Housing Authority) CASE NO.04-033-764165310 STATEMENTS OF FINANCIAL POSITION (continued) JUNE 30, LIABILITIES AND NET ASSETS Current Liabilities Current portion of mortgage note payable Accounts payable Accrued expenses Total Current Liabilities Deposits and Prepaid Liabilities Tenants' security deposits Tenants' prepaid rents Long -Term Liabilities Mortgage note payable, net of current portion Total Liabilities Commitments Net Assets Total Liabilities and Net Assets 2014 $ 55,823 1,102 13,140 2013 $ 51,101 9,250 13,204 70,065 73,555 27,480 1,142 28,622 26,555 1,639 28,194 2,036,374 2,092,198 2,135,061 2,193,947 4,469,625 4,439,992 $ 6,604,686 $ 6,633,939 The accompanying notes are an integral part of these financial statements. -6- 17 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) CASE NO. 04-033-764165310 STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED JUNE 30, Rental Income Apartments Tenant Assistance Payments Potential Rental Income Less Vacancies Less Bad Debts Total Rental Income Other Income Laundry & Vending Interest Income Tenant Charges Total Other Income Total Income Expenses Operating & Maintenance Expenses Utilities Expenses Taxes & Insurance Interest on Mortgage Payable Total Expenses Income/(Loss) from Operations Non -Operating (Income) & Expense Interest Subsidy Income Interest Subsidy Expense Asset Management Fee Depreciation & Amortization Total Non -Operating Income & Expense Change in Net Assets Net Assets - Beginning of Year Net Assets - End of Year 2014 2013 $ 198,262 $ 190,753 429,425 433,808 627,687 624,561 (4,088) (9,863) (8,487) - 615,112 614,698 1,739 1,757 980 1,817 4,594 4,893 7,313 8,467 622,425 623,165 255,222 238,169 69,441 73,397 491,877 484,834 130,548 138,331 (46,912) (46,912) 46,912 46,912 7,500 7,500 93,415 93,415 (100,915) (100,915) 29,633 37,416 4,439,992 4,402,576 $ 4,469,625 $ 4,439,992 The accompanying notes are an integral part of these financial statements. -7- 18 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) CASE NO. 04-033-764165310 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 309 2014 2013 Operating Activities Rental receipts $ 189,972 $ 175,040 Rental subsidy 431,183 433,590 Interest receipts 980 1,817 Other receipts 6,333 6,650 Net tenant security deposits (paid) received (14) (159) Payroll (52,198) (47,946) Administrative (65,182) (65,267) Professional fees (10,113) (10,195) Management fee (7,500) (7,500) Utilities (69,422) (78,545) Maintenance (122,240) (96,972) Insurance and taxes (37,602) (32,179) Interest on mortgage note payable (141,756) (145,790) Net Cash From Operating Activities 122,441 132,544 Investing Activities Reserve for Taxes & Insurance (1,499) (2,395) Reserve for Replacement (81,117) (51,237) Net Cash From Investing Activities (82,616) (53,632) Financing Activities Mortgage Principal Payments (51,102) (46,783) Net Cash From Financing Activities (51,102) (46,783) Net Increase/(Decrease) in Cash (11,277) 32,129 Cash at Beginning of Period 110,600 78,471 Cash at End of Period $ 99,323 $ 110,600 The accompanying notes are an integral part of these financial statements. -8- IN WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) CASE NO. 04-033-764165310 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, Operating Activities Increase in net assets Adjustments to Reconcile Increase/(Decrease) in Net Assets to Net Cash From Operating Activities Depreciation & Amortization Decrease (Increase) in Assets: Rental Assistance Receivable Tenant Receivables Receivable- Other Prepaid Expenses Cash restricted for tenant security deposits Increase (Decrease) in Liabilities: Accounts Payable Accrued Expenses Security Deposits - Liability Prepaid Rents Net Cash From Operating Activities Supplemental Disclosures Interest Subsidy 2014 $ 29,633 $ 37,416 93,415 93,415 1,758 (218) 4,782 (6,983) - 1,673 1,576 2,564 (939) (438) (8,148) 3,611 (64) 92 925 279 (497) 1,133 $ 122,441 $ 132,544 $ 46,912 $ 46,912 The accompanying notes are an integral part of these financial statements. -9- 20 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 A. Organization Washington Street Apartments ("the Project") is an elderly housing development owned by La Quinta Housing Authority (herein referred to as the Project). The Project operates a 73 unit elderly housing development for low-income seniors, as defined in Section 521 of the Housing Act of 1949. The Project commenced rental operations in November 2008. Legal title to the Project is held by La Quinta Housing Authority, a government agency. The accompanying financial statements are those of the Project and do not represent the financial statements of La Quinta Housing Authority. The Project operates as an enterprise fund and, as such, follows governmental accounting standards and uses the accrual basis of accounting. Under the accrual basis of accounting, revenues are recorded in the accounting period in which they are earned and become measurable. Expenses are recorded in the period incurred, if measurable. B. Significant Accounting Policies A summary of the Project's significant accounting policies consistently applied in the preparation of the accompanying financial statements are as follows: Basis of Accounting The Project utilized the accrual basis of accounting, whereby income is recognized as earned and expenses are recognized as obligations are incurred. Cash and Cash Equivalents Cash and cash equivalents consist of short-term investments with an original maturity of three months or less, cash on deposit, money market funds and certificates of deposit. Tenant Receivable and Bad Debt Policy Tenant receivables are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. Accounting principles generally accepted in the United States of America require that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not materially different from the results that would have been obtained under the allowance method. - 10 - 21 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 B. ftnificant Accountin_g Policies — (Continued) Rental Property Rental property is recorded at cost. Improvements are capitalized, while expenditures for maintenance and repairs are expensed as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the statements of operations. The rental property is depreciated over estimated service lives as follows: Buildings & Improvements 30 years straight-line Land Improvements 15 years accelerated Furnishings & Equipment 5-7 years accelerated The Project reviews its investment in real estate for impairment whenever events or changes in circumstances indicate that the carrying value of such property may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flow expected to be generated by the rental property and any estimated proceeds from the eventual disposition of the real estate. If the real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. There were no impairment losses recognized in 2014 and 2013. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Advertising Advertising costs are expensed when incurred. During 2014 and 2013 there was $502 and $110, respectively, in advertising expense. Date of Management's Review Subsequent events were evaluated through August 31, 2014, which is the date the financial statements were available to be issued. - 11 - 22 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 C. Mort_ga_ge Payable Rural Development The mortgage note was assumed by the Project and is payable to Rural Development in monthly installments of $7,107, at an interest rate of 10% and a term of 30 years, maturing in the year 2036. As part of the Loan Agreement, the Partnership entered into an Interest Credit and Rental Assistance Agreement that reduces the monthly mortgage payment to $3,198, which effectively lowers the interest rate to approximately 1 % over the term of the loan. The mortgage liability of the Partnership is limited to the underlying value of the real estate collateral pledged. Under the loan agreement, the Project is required to make monthly escrow deposits for real estate, taxes and insurance premiums, and is subject to operating and return to owner restrictions. The Project's real and personal property are pledged as collateral for the trust deed note. Maturities of the mortgage notes in each of the next five years are approximated as follows: 2015 $ 17,412 2016 19,235 2017 21,249 2018 23,474 2019 25,932 Thereafter 579,234 686,536 There has been no significant change in interest rates available to the Project. Therefore, the fair value of the mortgage notes approximate the book value. Provident Savings Bank, FSB The Project is financed under a first deed of trust with Provident Savings Bank, FSB, dated October 31, 2008 in the original amount of $1,572,031. Monthly installments are $12,873 through October, 2038. The interest rate on the note is 8.36%. Maturities of the Permanent Loan in each of the next five years are approximated as follows: - 12 - 23 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 C. Mortga-ge Payable (continued) Year ending June 30, 2015 $ 38,411 2016 41,748 2017 45,375 2018 49,317 2019 53,602 Thereafter 1,177,207 1,405,660 D. Commitments and Contingencies Rental Assistance Agreement The Project has entered into a Rental Assistance Agreement with Rural Development commencing February 2014, providing rental assistance for 72 units. The agreement provides for a maximum rental assistance commitment of $392,256. The agreement expires when funds are fully expired, but is then renewable under contract with Rural Development pending congressional approval of budget authority. E. Current Vulnerability Due to Certain Concentrations The Project's sole asset is Washington Street Apartments. The Project's operations are concentrated in the affordable housing real estate market. In addition, the Project operates in a heavily regulated environment. The operations of the Project are subject to the administrative directives, rules and regulations of federal, state and local regulatory agencies, including, but not limited to, Rural Development and the State Housing Agency. Such administrative directives, rules and regulations are subject to change by an act of Congress or an administrative change mandated by Rural Development or the State Housing Agency. Such changes may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, to comply with a change. F. Concentration of Credit Risk The Project maintains its cash in financial institutions insured by Federal Deposit Insurance Corporation (FDIC). Deposit accounts, at times, may exceed federally insured limits. As of June 30, 2014 the cash balance did not exceeded those limits. The Project has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. -13 - 24 SUPPLEMENTAL INFORMATION 25 WASHINGTON STREET APARTMENTS ( An elderly housing development owned by La Quinta Housing Authority) CASE NO.04-033-764165310 REPLACEMENT RESERVE RECONCILIATION FOR THE YEAR ENDED DUNE 30, 2014 Reserve requirement 6/30/13 (Per Rural Development area office) (1) 516,612 Required annual reserve deposit (From loan agreement and any subsequent amendments) (2) 64,800 Actual reserve account deposit 89,901 Total all authorized rejular reserve withdrawals * (3) - Total all authorized excess reserve withdrawals * 8,784 Total all unauthorized reserve withdrawals Required reserve balance 06/30/14 (5) 581,412 (1)+(2)-(3)=(5) Verified Balance 06/30/14 717,936 Amount account over (+) under (-) funded 136,524 * Detail of all reserve withdrawals during the fiscal year: Regular Excess Purpose Date Reserve Reserve Authorized Water Heaters - 5 Units 02/25/14 2,058 yes Office Printer 03/11/14 3,126 yes Replace 3 ton AC 06/26/14 3,600 yes Subtotal _ 8,784 See Independent Auditor's Report. -15- 26 WASHINGTON STREET APARTMENTS ( An elderly housing development owned by La Quinta Housing Authority) CASE NO.04-033-764165310 SURPLUS CASH CALCULATION FOR THE YEAR ENDED JUNE 30, 2014 Surplus Cash: Cash available: Ending cash balance (Part I, Line 33 of RD 3560-7) Subtract tax & insurance escrow amount from proposed budget (Budget Tax liability from budget (line 34-36)(0 mos) + Insur. (line 37-39)(11 mos) Subtract 2% remaining initial operating (Balance in MFIS 2% Tracked Account) Subtract accounts payable (Balance sheet line #22 of 3560-10) Cash available Cash required: Proposed O & M expense (Proposed part 1, line 16 of 3560-7) Subtract annual tax & insurance (Proposed part 2, line 40 of 3560-7) Subtotal Multiply subtotal by 20% Cash required Surplus Cash (Cash available subtract cash required) 115,051 24,106 1,102 89,843 353,325 26,297 327,028 20% 65,406 $ 24,437 See independent Auditor's Report. 27 - 16 - WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 1. Management Fee Calculation The management fee is based on a fee per unit occupied by tenants during the month. Total Qualified Units (73 * 12 months) Less: Rent Free Unit Vacancies Total Occupied Units Fee Per Unit (Effective July 1, 2009) Management Fee Expense 2. Insurance Disclosure The Project maintains Insurance coverage as follows: Building Insurance Comprehensive Business Liability Fidelity / Employee Dishonesty Earthquake Insurance 3. Return to Owner 876 (12) 0 864 $58 $50,112 Deductible Coverage $5,000 $6,500,000 No Deductible $2,000,000 per occurrence $5,000 $500,000 $25,000 $53,348,000 In accordance with the Loan Agreement, the annual return to owner is as follows: Asset Management Fee $ 7,500 See Independent Auditor's Report. -17- 28 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 4. Proiect Accounts Account TVe Account Title Account Financial Interest Balance Number Institution Rate Checking Operating Account 2120367221 California Bank - 23,356 & Trust Savings Operating Account NZD-167983 Zions Direct .65% 45,102 Savings Operating Savings 2110112028 Union Bank .25% 30,665 Checking Tax & Insurance 2120367491 California Bank - 15,728 & Trust Checking Security Deposit 2120276859 California Bank .05% 27,717 & Trust Checking Replacement Reserve 2120277909 California Bank .10% 96,879 & Trust Certificates of Replacement Reserve 2110153387 Union Bank .05% 200,875 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .25% 100,004 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .25% 90,009 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .20% 100,005 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .45% 30,000 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .15% 9,991 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .25% 9,993 Deposit Certificates of Replacement Reserve NZD-168009 Zions Direct .35% 80,178 Deposit 5. Chanaes to Owner Entit The La Quinta Housing Authority has been added to the title of the property. An Application for Partial Release, Subordination, or Consent (Form RD3560-1) was submitted to Rural Development in November of 201 land approved November 25, 2013. La Quinta Housing Authority is part of the City of La Quinta. In a resolution dated January 17, 2012, the La Quinta Housing Authority elected to have all assets, liabilities, duties, and obligations associated with the housing activities of the La Quinta Redevelopment Agency transferred to the La Quinta Housing Authority. This action was taken pursuant to litigation in the California Supreme Court that dissolved all redevelopment agencies in California. See Independent Auditors' Report. -18- 29 JOYCE E. RETHMEIER CERTIFIED PUBLIC ACCOUNTANT Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To La Quinta Housing Authority USDA Rural Development Washington Street Apartments Moreno Valley Office (An elderly housing development owned by Moreno Valley, CA La Quinta Housing Authority) La Quinta, CA I have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Washington Street Apartments (An elderly housing development owned by La Quinta Housing Authority), RD Case No. 04-033-764165310, which comprise the statements of financial position as of June 30, 2014, and the related statements of activities, and cash flows for the year then ended, and the related notes to the financial statements, and have issued my report thereon dated August 31, 2014. Internal Control over Financial Reporting In planning and performing my audit of the financial statements, I considered Washington Street Apartments internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing my opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Washington Street Apartments internal control. Accordingly, I do not express an opinion on the effectiveness of the entity's internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. My consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during my audit I did not identify any deficiencies in internal control that I consider to be material weaknesses. However, material weaknesses may exist that have not been identified. 235 West Fifth Avenue, Suite 120, Escondido, CA 92025 Tel (760) 233-2244 Fax (760) 233-2166 Member of American Institute of Certified Public Accountants California Society of Certified Public Accountants 30 Compliance and Other Matters As part of obtaining reasonable assurance about whether Washington Street Apartments financial statements are free from material misstatement, I performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statements amounts. However, providing an opinion on compliance with those provisions was not an objective of my audit, and accordingly, I do not express such an opinion. The results of my tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of my testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. j �Ir Joyce E. Rethmeier Certified Public Accountant August 31, 2014 31 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2014 Reportable Conditions of Non Compliance There were no findings in 2014. Auditee's Comments on Prior Audit Resolution Matters Related to United States Department of Agriculture Rural Development Programs. There were no findings in 2013. 32 JOYCE E. RETHMEIER CERTIFIED PUBLIC ACCOUNTANT INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM; AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 To La Quinta Housing Authority Washington Street Apartments Report on Compliance for Each Major Federal Program I have audited Washington Street Apartments (An elderly housing development owned by La Quinta Housing Authority), RD Case No. 04-033 -7641653 10, compliance with the types of compliance requirements described in OMB Circular A-133 Compliance Supplement that could have a direct and material effect on Washington Street Apartment's major federal program for the year ended June 30, 2014. Washington Street Apartment's major federal program is identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts and grants applicable to its major federal program. Auditor's Responsibility My responsibility is to express an opinion on compliance of each of Washington Street Apartments major federal program based on my audit of the types of compliance requirements referred to above. I conducted my audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations. Those standards and OMB Circular A-133 require that I plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Washington Street Apartment's compliance with those requirements and performing such other procedures as I considered necessary in the circumstances. I believe that my audit provides a reasonable basis for my opinion on compliance for each major federal program. However, my audit does not provide a legal determination on the Washington Street Apartments compliance. Opinion on Each Federal Program hi my opinion, Washington Street Apartments complied, in all material respects, with the types of compliance requirements referred to above that could have direct and material effect on its major federal program for the year ended June 30, 2014. 235 West Fifth Avenue, Suite 120, Escondido, CA 92025 Tel (760) 233-2244 Fax (760) 233-2166 Member of American Institute of Certified Public Accountants California Society of Certified Public Accountants 33 Report on Internal Control Over Compliance Management of Washington Street Apartments is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing my audit of compliance, I considered Washington Street Apartments internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, I do not express an opinion on the effectiveness of Washington Street Apartments internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. My consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that night be material weaknesses or significant deficiencies. I did not identify any deficiencies in internal control over compliance that I consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of my testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A -133. Accordingly, this report is not suitable for any other purpose. 91 oyce E. Rethmeier Certified Public Accountant August 31, 2014 34 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013 SUMMARY OF AUDIT RESULTS 1. The auditor's report expresses an unqualified opinion on the financial statements of Washington Street Apartments. 2. No material weaknesses were identified during the audit of the financial statements 3. No instances of noncompliance material to the financial statement of Washington Street Apartments were disclosed during the audit. 4. No material weaknesses were identified during the audit of the major federal award programs. 5. The auditor's report on compliance for the major federal award programs for Washington Street Apartments expresses an unqualified opinion. 6. There were no audit findings that are required to be reported in accordance with Section 510(a) of OMB Circular A-133. 7. The programs tested as major programs included: l A -1 Farmers Home Administration pursuant to Section 521 of the Housing Act of 1949, Sec. 515 Rural Rental Housing Loans 10.415 Rental Assistance 8. The threshold for distinguishing Types A and B programs was $300,000. 9. Washington Street Apartments qualifies as a low -risk auditee. TTT lTl Wll C None See independent auditor's report on additional information. -24- IGx,Y-VA 35 WASHINGTON STREET APARTMENTS (An elderly housing development owned by La Quinta Housing Authority) Case No. 04-033-764165310 SCHEDULE OF EXPENDITURES AND FEDERAL AWARDS FOR THE YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013 Federal Grantor/Pass-through CFDA Federal Expenditures Grantor/Program Title Number 2014 2013 U.S. Department of Agriculture Rural Development Farmers Home Administration pursuant to Section 521 of the Housing Act of 1949, Sec. 515 Rural Rental Housing Loans 10.415 686,536 $702,298 Rental Assistance 10.427 429,425 433,808 Total $1,115,961 $1,136,106 NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS NOTE A -BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Washington Street Apartments (An elderly housing development owned by La Quinta Housing Authority), RD Case No. 04-033-764165310, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non- profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. See independent auditor's report on additional information. -25- 36 Form RD 3560-10 MULTI -FAMILY HOUSING FORM APPROVED (02-05) BORROWER BALANCE SHEET OMB NO.0575-0189 PART I - BALANCE SHEET PROJECT NAME WASHINGTON STREET APARTMENTS ASSETS CURRENT ASSETS BORROWER NAME DVKKVVVCK IUf-#IVU I"'KIJsICI.iI IVV. LA QUINTA HOUSING AUTHORITY 04.033-764165310 CURRENT YEAR PRIOR YEAR BEGINNING DATES (7 - 01 -13) (7 - 01 -12 ) ENDINGDATE- (6-30-14) (6-30-13) 1. GENERAL OPERATING ACCOUNT .......................... 2. R.E. TAX & INSURANCE ACCOUNT ......................... 3. RESERVE ACCOUNT ............................................. 4. SECURITY DEPOSIT ACCOUNT ............................. 5. OTHER CASH (identify) Petty Cash ............................... 6. OTHER................................................................ 7. TOTAL ACCOUNTS RECEIVABLE (Attach list) ............ ACCTS RCVBLE 0-30 DAYS $ ACCTS RCVBLE 30-60 DAYS $ ACCTS RCVBLE 60-90 DAYS ACCTS RCVBLE OVER 90 DAYS $ 8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS ..... 9. INVENTORIES (supplies) ......................................... 10. PREPAYMENTS.................................................... 11. 12. TOTAL CURRENT ASSETS (Add 1 thru 11)...... FIXED ASSETS 13. LAND.................................................................. 14. BUILDINGS.......................................................... 15. LESS: ACCUMULATED DEPRECIATION ................... 16. FURNITURE & EQUIPMENT ......................... __...... 17. LESS: ACCUMULATED DEPRECIATION ................... 18. DEFERRED FINANCING COSTS 19. TOTAL FIXED ASSETS (Add 13 thru 18)................ OTHER ASSETS 20. DEPOSITS 21. TOTAL ASSETS (Add 12, 19, and 20)............... LIABILITIES AND OWNERS EQUITY CURRENT LIABILITIES 22. TOTAL ACCOUNTS PAYABLE (Attach list) ... ACCTS PAYABLE 0-30 DAYS $ ACCTS PAYABLE 30-60 DAYS $ ACCTS PAYABLE 60-90 DAYS $ ACCTS PAYABLE OVER 90 DAYS $ 23. NOTES PAYABLE (Attach list)ACCRUED EXPENSES...... 24. SECURITY DEPOSITS ............................................ 25. TOTAL CURRENT LIABILITIES (Add 22 thru 24) ....... COMMENTS 99,123 110,400 15,728 14,229 717,936 636,819 27,717 26,778 200 200 36,946 43,486 8,735 10,311 906,385 842,223 3,447,694 3,447,094 2,748,477 2,748,477 520,938) 428,911) 10,068 11,456 5, 684, 701 5,778,116 13,600 13,600 L_6,604,686 1 6,633,939 1,102 9.250 r 13,140 13,204 27,480 26,555 41,722 49,009 ccoraing to the RA-pemork ReRruction Act ot 7 Yub, an agency may not conduct or sponsor. and a person is not required to respond o a co ec ion o information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection is estimated to average 2 hours per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. See independent auditor's report on additional information. 37 -26- LONG TERM LIABILITIES 26. NOTES PAYABLE RURAL DEVELOPMENT 27. OTHER (Identify) Tenants'prepaid rents 28. TOTAL LONG-TERM LIABILITIES (Add 26 and 27)..... 29. TOTAL LIABILITIES (Add 25 and 28) 30. OWNER'S EQUITY (Net Worth) (21 minus 29) ............. 31 TOTAL LIABILITIES AND OWNER'S EQUITY (Add 29 and 30) Warning: 2,092,197 2,143,299 1,142 1,639 2,093,339 2,144,938 2,135,0611 2,193,947 4,469,6251 4,439,992 6,604,6861 6,633,939 Section 1001 of Title 18, United States Code provides: "Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly and willfully falsifies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined under this title or imprisoned not more than five years, or both. I HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE. (Date) (Signature of Borrower or Borrower's Representative) (Title) PART II -THIRD PARTY VERIFICATION OF REVIEW I/We have reviewed the borrower's records. The accompanying balance sheet, and statement of actual budget and income on Form RD 3560-7, is a fair presentation of the borrower's records. I/We certify that no identity of interest exists between me/us and any individual or organization doing business with the project or borrower. (Date) (Signature) (Name and Title) (Address) ❑ In lieu of the above verification and signature, a review completed, dated and signed by a person or firm qualified by license or certification is attached. See independent auditor's report on additional information. 38 -27- Form RD 3560-7 FORM APPROVED OMB NO.0575-0189 X41TT TTPT F 1F AI%,HT V FTl1TTQTNr PRnYlT!'T THTTI(_FT PROJECT NAME WASHINGTON STREET APARTMENTS BORROWER NAME LA QUINTA REDEVELOPMENT AGENCY BORROWER ID AND PROJECT NO. 04-033-764165310 keporling Period Budgel Type Nojrcl Rental Type 1'ro*i Type The following utilities are master U I hereby request ]Annual Initial Family i Full Profit Electric _ units of RA Current number Quarterly K]Regular Report DElderly ] (Limited Profit ]water Gas of RAunits 12 Monthly []RentCbmge Congregate INon-Profit DTrash Dsewer BorrowerAvtiounlmg [3SMR Group home Other Ma Md Other Servicing Mixed E]LH Cash XQAccrual PART I - CASH FLOW STATEMENT CURRENT PROPOSED COMMENTS BUDGET 1 ACTUAL BUDGET or (YTD) BEGINNING DATES > (07/01/13) (07/01/13) (07/01/14) ENDING DATES> (06/30/14) (06/30/14) (06/30/15) OPERATIONAL CASH SOURCES 1. Rental Income .................... 2. RHS Rental Assistance Received 3. Occupancy Surcharges Received 4. Laundry and Vending .................... 5. Interest Income .................... 6. Tenant Charges .................... 7. Other - Project Sources ................. 8. Less ([scanty and Contingency Allowance) 9. Less (Agency Approved Incentive Allomnce) 10. SUB -TOTAL ((I thru 7) - (8 & 9)f NON -OPERATIONAL CASH SOURCES 11, Cash - Non Project............................................................ 12. Authorized Loan (Non-RHS)....................................... 13, Transfer From Reserve......................................................... 14. SUB -TOTAL (11 thru 13) ....................... 15. TOTAL CASH SOURCES (10+14) OPERATIONAL CASH USES 16. Total O&M Expenses (From Part II) ...................................... 17. RHS Debt Payment ........... ........... .......................... I........... 18. RHS Payment (Overage)...................................................... 19. RHS Payment (Late Fee) .......................... 20. RHS Payment (Occupancy Surcharge) ....................................... 21. Tenant Utility Payments......................................................... 22. Transfer to Reserve............................................................ 23. Return to Owner Asset Management Fee ................................. 24. SUB -TOTAL (16 thru 23)...................................................... NON -OPERATIONAL CASH USES 25, Authorized Debt Payment (Non-RHS)..............................„........ 26. Annual Capital Budget (From Part III, Lines 4-6)' ...................... 27. Miscellaneous............................................................ 28. SUB -TOTAL (25 thru 27)...................................................... 29, TOTAL CASH USES (24+28) 30. NET CASH (DEFICIT) (15-19) 627,264 194.174 429,425 1,500 1.739 1,373 980 840 4,594 (12,545) 618,432 1 630,912 164,924 8,784 164.924 8,784 793,356 639 696 352,634 341,337 38,370 38.383 ��, AN -Ali, (` 64,800 89,901 7,500 7,500 463,304 1 477.121 154,474 154,474 164,924 8,794 319.398 163.258 782.702 640,379 654 683 CASH BALANCE 31. Beginning Cash Balance .............................................. 108,925 124.829 32. Accrual to Cash Adjustment ..........I— ................ (9,095) ' 33. Ending Cash Balance (30+31+31)....................................... 109,579 1 115.051 Public reporting burden for this collection ofinformation is estimated to average 4 hours per response, including the time for reviewing instructions, searching existing data sources, garlrefi g and maintaining the data needed, and completing and reviewing the collection ofinformation. Send comments regarding this burden estimate or any other aspect ofthis collection ofinnformatiou, including suggestions for reducing this burden to U.S. Department ofAgricuh ure, Clearance Officer, STOP 7602, 1400 Independence Avenue, S.W., lYwhbngion, D.C. 20250-7602. Please DO NOT RETURN this fonnn to flits address. P'aruard to the local USDA office only. You are not required to respond to this collection of information unless it displays a currently valid UMN control number. See independent auditor's report on additional information. -28- 39 PART II - OPERATING AND MAINTENANCE. EXPENSE SCHEDULE I 1. Maintenance and Repairs Payroll ........... I .,......I ....... ..., 2. Maintenance and Repairs Supply .............I .................. 3. Maintenance and Repair Contract ........................ I......, 4. Painting and Decorating ... I ......... I .................. 5. Snow Removal........................................................ 6. Elevator Maintenance/Contract................................ 7. Grounds ......... .................... .......... I ............ .... 8. Services........................................................ 9. Annual Capital Budget (From Part V - Operating) 10. Other Operating Expenses ............. I ........ .......... 11. SUB -TOTAL MAINT. & OPERATING (1 thru 10) .............. 12. Electricity ........................... I............................ 13. Water ......................... .............. ..,........,..... 14. Sewer .. ................................... .....I............. 15. Fuel (Oil/Coal/Gas)................................ 16, Garbage & Trash Removal ... I ........ .................... 17. Other Utilities........................................................ 18. SUB -TOTAL UTILITIES (12 thru 17) ........................... 19. Site Management Payroll ............... :....... ......... 20. Management Fee.....................................I.... I ............. 21. Project Auditing Expense ................................ 22. Project Bookkeeping/Accounting................................ 23. Legal Expenses ................................. I ............ .......... 24. Advertising........................................................ 25. Telephone & Answering Service ..........:....:,, .............. 26. Office Supplies...................................I .................... 27. Office Furniture & Equipment ......... I ...................... 28. Training Expense........................................................ 29. Health Ins. & Other Emp. Benefits ................................ 30. Payroll Taxes ........................................................ 31. Workman's Compensation ....................,.,.......,. 32. Other Administrative Expenses ................................ 33. SUB -TOTAL ADMINISTRATIVE (19 thru 32) .............. 34. Real Estate Taxes .................................................. 35. Special Assessments ...... ............ ___ ........ 36. Other Taxes, Licenses & Permits ...... I ......................... 37. Property & Liability Insurance ................................ 38. Fidelity Coverage Insurance ................................ 39. Other Insurance........................................................ 40. SUB -TOTAL TAXES & INSURANCE (34 thru 39) .............. BUDGETT I ACTUAL 1 BUDGET or j C or (YTDNI S 28,080 29,183 16,610 11,736 18,500 13,542 3,000 3,497 32,200 33,836 5.000 15,895 19,171 25,956 500 180 123,061 133,825 8,000 7,129 29,000 26,199 27,000 27,188 1,560 1,477 8,000 7,448 73,560 69,441 31,320 22,951 50,112 50,112 7,000 7,000 2,400 3,113 500 502 3,177 2,212 3,700 2,841 1,000 729 8,740 8,916 5,580 4,804 6,831 5,744 6,673 3,689 127,033 112,613 11,062 10,228 62 35 17,856 1 15,195 28,980 1 25,458 41. TOTAL O&M EXPENSES (11+18+33+40) ............... 1 352,634 1 341,337 See independent auditor's report on additional information. -29- 40 PART III e ACCOUNT BUDGETING/STATUS CURRENT PROPOSED COMMENTS BUDGET ACTUAL BUDGET or Y'"fD) RESERVE ACCOUNT: 1 BEGINNING BALANCE ............................. 2 TRANSFER TO RESERVE .......................... TRANSFER FROM RESERVE ........................ 3 OPERATING DEFICIT ............................... 4 ANNUAL CAPITAL BUDGET (Part V - Resem 5 EQUIPMENT REPAIR & REPLACEMENT...... 6 OTHER NON -OPERATING EXPENSES.......... 7 TOTAL (3 thru 6)..................................... 8 ENDING BALANCE [(1+2)-7].................... 631.156 636.819 64,800 k9.901 164,924 8,784 164,924 8,784 531,032 717,936 GENERAL OPERATING ACCOUNT:* BEGINNING BALANCE ............................. 110,600 ENDING BALANCE .................................. 99,323 REAL ESTATE TAX AND INSURANCE ESCROW ACCOUNT:* BEGINNING BALANCE.. . .................. . — ... 1 14,229 ENDING BALANCE ................................ 15,728 TENANT SECURITY DEPOSIT ACCOUNT:* BEGINNING BALANCE ............................. 26.778 ENDING BALANCE ................................ 2^.717 *(Complete upon submission ofactual ex ensesj NUMBER OF APPLICANTS ON WAITING LIST... RESERVE ACCT. REQ. BALANCE...... NUMBER OF APPLICANTS NEEDING RA.. AMOUNT AHEAD/BEHIND............... See independent auditor's report on additional information. -30- rs PART IV -- RENT SCHEDULE AND UTILITY ALLOWANCE A. CURRENT APPROVED RENTS/UTILITY ALLOWANCE: UNIT DESCRIPTION RENTAL RATES POTENTIAL INCOME FROM EACH RATE UTILITY ALLOWANCE BR SIZE UNIT TYPE NUMBER BASIC NOTE RATE HUD BASIC NOTE RATE HUD I M 72 $726 $861 $ 627,264 $ 743,904 $ 79 I M 1 CURRENT RENT TOTALS $ 627,264 $ 743,904 BASIC NOTE HUD B. PROPOSED RENTS - Effective Date: 1 ! No chaa e UNIT DESCRIPTION RENTAL RATES POTENTIAL INCOME FROM EACH BR SIZE UNIT TYPE NUMBER BASIC NOTE RATE HUD BASIC NOTE RATE HUD I M 72 S 726 S 861 $ 627,264 $ 743,904 $ i M 1 CURRENT RENT TOTALS $ 627,264 $ 743,904 $ BASIC NOTE HUD C. PROPOSED UTILITY ALLOWANCE - Effective Darc:�ll MONTHLY DOLLAR ALLOWANCES BR SIZE UNITTYPE NUMBER ELECTRIC GAS WATER SEWER TRASH OTHER TOTAL 1 M 72 61 15 76 1 Z 1 See independent auditor's report on additional information. -31- 42 Appliances: Range Refrigerator Washers & Dryers Appliances - Other Carpet & Vinyl: 1 Br. 2 Br. Cabinets: Kitchens Bathroom Doors: Exterior Interior Other Window Coverings: List: Heating & Air Conditioning: Heating Air Conditioning Plumbing: Water Heater Bath Sinks Kitchen Sinks Faucets Toilets Other Major Electrical: List: Structures: Windows Screens Walls Roofing Siding Exterior Painting Other Paving: Asphalt Concrete Seal & Stripe Landscape & Grounds: Landscaping Lawn Equipment Fencing Recreating Area Other Accessibility Features: Detail Automation Equipment: Site Management Common Area Other: List: List: List: List: List: List: List: PART V - ANNUAL CAPITAL BUDGET Proposed Proposed Actual Proposed Number of from from from Units/Items I Reserve Reserve Operating Actual Actual I Total from Total Actual iDeratina Cost Units/Items 11 36,300 3,600 1 5,300 4 ? 9,130 ? 7,980 ? 4,188 Office Printer 3.126 1 Hepa Vacuum 1,099 Bookcase for community room 486 Computer Monitor 1,256 TOTAL CAPITAL EXPENSES: 1 9781 164,924 1 8,784 1 19,171 1 25,9561 28 See independent auditor's report on additional information. -32- 43 PART VI - SIGNATURES, DATES AND COMMENTS Warning: Section 1001 of Title 18, United States Code provides: "Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly and willfully falsifies, conceals, or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry shall be fined under this title or imprisoned not more than five years, or both. I HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THAT THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE. (DATE) (Signature of Borrower or Borrower's Representative) (Title) AGENCY APPROVAL (Rural Development Approval Official) j DATE: COMMENTS: See independent auditor's report on additional information. - 33 - 44 45 1, z OF ik�k CITY / S / H FA MEETING DATE: January 20, 2015 ITEM TITLE: ADOPT A POLICY REGARDING UNSCHEDULED VACANCIES ON THE HOUSING COMMISSION RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Adopt a policy to select one or two alternates to the Housing Commission each year to fill unscheduled, mid-term vacancies, and to accept applications year round. EXECUTIVE SUMMARY: The Housing Authority appoints five residents for three-year terms expiring on June 30 during staggered years. Unscheduled mid-term vacancies sometimes occur due to resignation, death, or other causes. Current practice has been to advertise the vacancies and bring applications to the Authority throughout the year, as each vacancy occurred. Selecting alternates during the annual appointment session and accepting applications at any time, will streamline the process, save advertising/administrative costs, and offer more convenience for applicants. At its January 6, 2015 meeting, the City Council adopted the recommended action for the ten boards and commissions to which it appoints members. FISCAL IMPACT: In addition to no -cost postings on the City's website, public bulletin boards, The GEM and social media, paid advertisements are placed in The Desert Sun each time applications are sought. The average cost per advertisement is $300. A savings would be realized if the Authority chose to limit the solicitation of applications to once or twice per year. 46 BACKGROUND/ANALYSIS: Currently, the Authority fills vacancies, as positions become vacant. The Authority Secretary solicits applications and the Authority subsequently interviews applicants. While this process has worked, it can be streamlined. Housing Authority Members in their positions as City Councilmembers have already discussed the following options for streamlining the process and selected a modified version of options 1 and 2 as the recommendation indicates: 1. During annual appointments, select one or two alternates to fill mid-term vacancies as acting commissioners; 2. Accept applications throughout the year and keep an ongoing pool of applicants for Council to interview/select from as unscheduled vacancies occur; 3. Leave the seat vacant until annual appointments each spring; 4. Establish a second routine annual appointment date in January and leave the seat vacant until January or spring appointments occur; or 5. Advertise each vacancy and conduct interviews/make appointments as vacancies occur throughout the year (the City's current practice). ALTERNATIVES: For consistency in policy and process between the City and Housing Commission, no alternative to the Council -approved policy is recommended. Report prepared by: Susan Maysels, City Clerk Report approved for submission by: Frank Spevacek, City Manager 47 z G p�� OF Tl�� CITY / SA/ HA/ FA MEETING DATE: January 20, 2015 ITEM TITLE: APPROVE LA QUINTA HOUSING AUTHORITY ANNUAL REPORT FOR FISCAL YEAR 2013/2014 RECOMMENDED ACTION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve the La Quinta Housing Authority Annual Report for Fiscal Year 2013/2014 pursuant to California Health and Safety Code. EXECUTIVE SUMMARY: • California Health and Safety Code Section 34328, requires the Housing Authority to file an annual report for the preceding fiscal year (FY) with the City Clerk and submit a copy to the California Department of Housing and Community Development (HCD). • The attached Housing Authority Annual Report ("Annual Report") for FY 2013/2014 (Attachment 1) provides the Housing Authority a representation of all Housing Authority activities that have occurred during FY 2013/2104. • Once approved, the Annual Report will be made available to the public on the City's website and filed with the City Clerk and HCD. FISCAL IMPACT: None. BACKGROUND/ANALYSIS: The Annual Report provides an overview of the Authority's assets, budget, housing unit compliance, and affordable housing activities during FY 2013/2014, which includes the following findings: 48 • The Authority did not issue any bonds, make or undertake any commitments associated to affordable housing in FY 2013/2014. • The Authority did not undertake any land transactions or development activities during this period. • The Authority remains in compliance with the Housing Affordability requirement set by HSC Section 34312.3, reflecting 67 percent of 799 total Authority assisted rental units are available to persons of very -low income. • The Authority has 75 sewer subsidy loans, 411 silent second trust deed loans, and 1 residential rehabilitation loan, all of which provide affordability covenants and are monitored for compliance. • The Authority did not issue any domestic violence related termination notices in FY 2013/2014. Once approved, the Annual Report must be filed with the City Clerk and submitted to HCD. ALTERNATIVES: The Housing Authority may elect to delay, modify, or reject the Annual Report and direct staff accordingly. Report prepared by: Carla Triplett, Housing Coordinator Report approved for submission by: Les Johnson, Community Development Director Attachment: 1 . Annual Report 49 ANNUAL REPORT LA QUINTA HOUSING AUTHORITY FY 2013-2014 ATTACHMENT 1 50 51 INTRODUCTION About This Annual Report California Health and Safety Code ("HSC") Section 34328 states that "at least once a year, an authority shall file with the clerk of the respective city or county and with the Department of Housing and Community Development ("HCD") a report of its activities for the preceding year"("Annual Report"). This Annual Report for the La Quinta Housing Authority ("Authority") covers all the activities that have occurred during the 2013-14 Fiscal Year ("FY"), including housing unit compliance with affordability requirements, activities concerning existing debt obligations, as well as land transactions and development. LEGAL AUTHORITY It is the intent of the State legislature that housing authorities function as local entities with the primary responsibility of providing housing for very low and low income households. As such, housing authorities are distinct, autonomous, legal entities that derive their powers from State statute. The HSC, beginning with Section 34200, provides for the functioning of a local housing authority through a resolution of the local governing body. In the case of the City of La Quinta ("City"), the City Council of the City of La Quinta ("City Council") resolved that the Authority could exercise its powers. The resolution adopted by the City Council Housing Authority Highlights • Local jurisdictions are afforded the opportunity to participate in one or more of the Public Housing Programs offered by HUD. • Housing Authorities can own and operate housing developments, alleviating the need to find owners or operators for units created. • A city housing authority's area of operation includes the entire city and the area within five miles of its territorial boundaries. must be accompanied by a finding that either of the following is true: (1) unsanitary or unsafe housing exists in the city or (2) there is a shortage of safe or sanitary housing available to persons of low income. On September 15, 2009, the City Council adopted Resolution No. 2009-005, confirming that both aforementioned findings have been met to establish a housing authority in accordance with the California Housing Authorities Law (Health and Safety Code Section 34200, et. seq.). The Authority adopted Bylaws and Rules of Procedure on October 6, 2009 by Resolution HA 2009-001, which was amended by the Authority on April 15, 2014. ABx1 26 dissolved redevelopment agencies in California effective February 1, 2012. Health and Safety Code Section 34176(b)(2) allows the local housing authority to assume all rights, powers, assets, liabilities, duties, and obligations associated with the housing activities of a dissolved redevelopment agency. On January 17, 2012, the La Quinta Housing Authority adopted resolution HA 2012-002, electing to be the "housing successor" to the dissolved La Quinta Redevelopment Agency. Health and Safety Code Section 34179 requires the formation of oversight boards to approve transactions related to former redevelopment agencies. The Oversight Board of the Successor Agency to La Quinta Redevelopment Agency was established on March 7, 2012. The Oversight Board subsequently approved the transfer of affordable housing properties to the La Quinta Housing Authority on April 18, 2012 via resolutions OB 2012-008 and OB 2012-009. 52 OBJECTIVES OF THE HOUSING AUTHORITY The Authority was established to own rental properties in the City of La Quinta that were scheduled for substantial rehabilitation, and to hold title to vacant properties that will be developed with single and multi -family housing. A detailed inventory of Authority properties is presented in Tables 1 a, 1 b, and 1 c. The Authority contracts with private entities to manage the occupied properties. The Authority's objectives are: To provide safe and sanitary housing opportunities for La Quinta residents; • To rehabilitate properties that exhibit unsafe or unhealthy characteristics; and • To increase, improve, and preserve the community's affordable housing stock. CONTENTS OF THE HOUSING AUTHORITY'S ANNUAL REPORT This Annual Report has been developed to: To summarize the Authority's activities during FY 2013-14, including any bond issuances, and loan or finance agreements that the Authority has entered into; • To show compliance with requirements of HSC Section 34312.3 such as the minimum amount of housing units affordable to lower income in projects assisted by the Authority, and document established base rents and/or maximum rental payments for lower income households; and To document any domestic violence tenancy or Section 8 voucher termination as required by HSC Section 34328.1. HOUSING AUTHORITY DEBT OBLIGATIONS Pursuant to HSC Section 34328.1, the Authority must provide a complete report of all bond, loan and financing agreement transactions during the prior fiscal year. Authority activities permitted by HSC Section 34312.3 include issuing bonds, loans and financing agreements for multi -family rental housing projects. The Authority did not issue any bonds, make or undertake commitments, or purchase or undertake any commitments associated to affordable housing in FY 2013-14. LAND TRANSACTIONS AND DEVELOPMENT HSC Section 34312.3 permits housing authorities to undertake activities related to: • The development, rehabilitation, or financing of housing projects; • The purchase, sale, lease, ownership, operation, or management of housing projects assisted by the Authority; conveyance of surplus lands to a developer for permitted purposes; and • Establish a special trust fund or account funded with bond proceeds or developer funds. During FY 2013-14, the Housing Authority did not undertake any land transactions or development activities. 53 HOUSING AUTHORITY ASSETS Housing Authority assets include real property assets owned or managed by the Authority, and include a breakdown of the current and anticipated income levels at each property where applicable. All Real Property Assets are shown on Table 1 a and 1 b. A summary of the seven (7) long-term loans made by the former La Quinta Redevelopment Agency to affordable housing developers is provided in Table 1 c. These loans have been assumed by the Authority due to redevelopment dissolution. Real Property Inventory Table 1a Project Name Parcel Nos. Description Unit Breakdown Very Low Low Moderate Above Mod. Total (5 50% AMI) (5 80 % AMI) (5 1201 AMI) (>1201 AMI) Senior/Special Needs multi- 1 Washington Street Apartments 609-040-007, 023 family rental property in 96 2 98 process of rehabilitation 2 Vacant Land Adjacent to Washington Street 609-040-028 Senior rental property in 42 42 Apartments (future project) process of development 3 Coral Mountain Apartments 600-020-055 Ground Lease Please see Table 1D 4 Dune Palms at WestAard Ho Apartments 600-030-004, 0207 Land holding TBD (future oro ect) 021 5 Vacant Land - Ostrowsky (future project) 773-077-015 Land holding TBD 6 Vacant Land - Calle Tamazula 770-174-002 Land holding TBD 7 Vacant Land Sonora - NWC Avenida Herrera/Calle 773-223-022 Land holding TBD 8 Vacant Land - Avenida Villa 773-233-019 Land holding TBD 9 Vacant Land - Avenida Navarro 773-234-015 Land holding TBD TOTAL 96 44 0 0 140 Real Property Inventory Table 1b Project Name Parcel Nos. Description Unit Breakdown Very Low Low Moderate Above Mod. Total (5 50% AMI) (5 80 % AMI) (5120 % AMI) (>120% AMI) Cove Rental Homes Listed Below Single-family rental units 28 23 1 51-395 Calle Kalima 770-166-019 2 51-395 Avenida Vallejo 773-083-021 3 51-805 Avenida Cortez 773-152-015 4 52-225 Avenida Vallejo 773-222-022 5 52-425 Eisenhower Drive 773-265-020 6 52-635 Avenida Diaz 773-281-020 7 52-566 Eisenhower Drive 773-295-017 8 52-985 Avenida Carranza 773-321-013 9 52-856 Avenida Ramirez 773-322-026 10 52-985 Eisenhower Drive 773-326-024 11 52-835 Avenida Villa 773-333-018 12 52-845 Avenida Villa 773-333-019 13 53-105 Avenida Obregon 774-0,44-017 14 53-I56 Avenida Obregon 774-644-020 15 53-175 Avenida Obregon 774-044-021 16 53-105 Avenida Herrera 774-053-017 17 53-275 Avenida Navarro 774-094-014 18 53-565 Avenida Vallejo 774-122-016 19 53-523 Avenida Martinez 774-131-013 20 53-541 Avenida Martinez 174-131-014 21 53-825 Avenida Juarez 774-143-017 22 53-966 Avenida Diaz 774-151-023 23 53-775 Avenida Alvarado 774-153-014 24 53-796 Avenida Herrera 774-163-016 25 53-880 Avenida Navarro 774-175-007 26 53-940 Eisenhower Drive 774-171-010 27 54-245 Avenida Herrera 774-213-023 28 54-280 Avenida Madero 774-232-032 TOTAL 28 0 0 0 26 54 Long Term Loans Table 1c La Quinta Housing Authority Project Name Description Developer Loan Amount 1 Mcuntain View Aparmer¢s h'Yalb-FatuityRental 'at & Lora Dean Do oe $35D.GOC 2 Aventine Apartrnents hhulb-Fantily'Rental Spans Corprabon $217.723 3 Vista Clones Courtyard Homes h4uld-Family, Rental National CORE 524,00,SC4 4 Wolf Waters,' lace VultWamily Rental Coachella Valley Housing Coalition 53Ci,':47, a38 5 Coral h+loun ain Aparrnents Klulb-Family Rental Coral Mountain Parsers, LLC S29N4 7C4 6 Seasons Senior Apartmen`s Senior Rental Lino Housing $2,11 Z847 7 Hadley Villas Senior Rental Senior Affordable housing Corp. No. 3 $B27.000 HOUSING UNIT COMPLIANCE As set forth by HSC Sections 34328 and 34328.1, housing authorities are required to: Show compliance with requirements of HSC Section 34312.3 such as the minimum amount of housing units affordable to lower income in projects assisted by the Authority, and document established base rents and/or maximum rental payments for lower income households; and • Document any domestic violence tenancy or Section 8 voucher termination as required by HSC Section 34328.1. The following subsections provide a summary of the Authority's progress toward the requirements listed above. Housing Affordability Requirement Pursuant to HSC Section 34312.3, not less than 20 percent of the units assisted by the Authority, or 15 percent in targeted areas, must be affordable to persons of low income. A targeted area is defined by Section 103(b) (12) (A) of Title 26 of the United States Code as either "a qualified census tract in which 70 percent or more of families have income which is 80 percent or less of the statewide median family income" or an area of "chronic economic distress." HSC Section 34312.3(2)(A) also states that not less than one-half of the 20 or 15 percent required units must be available to persons of very -low income, if the housing development is financed by Authority bonds. Development projects must also be approved by the local governing body and the local school district prior to construction or ownership. Nevertheless, the power to finance, own, build, and/or operate a housing development allows the Authority to take on a more active role in the creation and maintenance of housing for low income families. Table 2 provides a summary of the Authority assumed enforcement responsibility for 799 affordability covenants within privately -owned, former redevelopment -agency properties. Table 2 shows how the current affordability mix of the Housing Authority's assisted projects meet established requirements within HSC Section 34312.3. 55 Affordable Housing Covenants Table 2 L:1 Cuinta Housing Authority Project Name Description Address Unit Breakdovm Very Low Low Moderate Above Mod. Total (5 6G%AMI) (_ 8P,6 AMI) (•= 120% AMi) ('120'i:'a AMI) 4 Miraflore—c Senior AparWiffits Senior Rental 47-747 Gertrude Way 70 49 11 B S MountainView Apartments Multi-Fanly Rental 51-D20 Eisenhower 14 14 6 Vista Dunes Courtyard Han1e-- Multi-Fanvly Rental 44-950 Vista [tunes Lane 79 1 BD 7 Wolff V4raters Flare' Multi-Fanily Rental 47-795 Dune Balms Road 216 2 216 6 coral Mountain Apartments Multi-Fantily Rental 7M25 Vista Coralina Lane 36 13a 2 176 9 Habitat for Humanity Horne,'C>' iiar hip Single Family 53220 Avenida Alvarado 1 1 10 Habitat for Humanity HonielCAmership Single Family 5,3240 Avenida Alvarado 1 1 TOTAL 536 234 29 a 799 Appendix A - The Authority has 75 sewer subsidy loans, 411 silent second trust deed loans, and 1 residential rehabilitation loans, all of which provide affordability covenants on these properties. Sewer subsidy and silent second trust deed loans are not repaid unless there is a default on affordability covenants. Interest assessed only if there is a default on affordability covenants. (Due to the length of this list, it is attached as an appendix to this report.) Base & Maximum Rents HSC Section 34312.3 establishes guidelines to determine base and maximum rents that a housing authority can charge for units reserved for lower income households. According to HSC Section 34312.3, if a housing authority establishes base rents, they shall be adjusted for household size pursuant to Section 8 of the United States Housing Act of 1937 (42 U.S.C. Sec. 1437f) ("Section 8"). Additionally, HSC Section 34312.3 states that rental payments for lower income households living in projects financed by any bonds issued after 1986 shall not exceed the amounts calculated pursuant to Section 8. Table 2 provides a calculation of the maximum rental payments that the Authority can charge for lower income households units. The Housing Authority monitors to ensure compliance of rental payments charged for its housing units and will make necessary adjustments to bring any rental payments that exceed the listed amounts in Table 3 into compliance. RIVERSIDE COUNTY - 2014 Affordable Rental Housing Cast Limits Ama 6Pmarr 1c. me. $85,am 6TeQkn to-ry Hkm hJ,. mCer of kmxne ANowaw- L� Fe1scns 6edronrrs sv S45,504 W a?c3 Studio su,,aw $56 $570 Two One S58,5W $78 S+.1Td Three Two SUS,OM no S7.577 Four Three S.70200 ST2T S1.924 Fiwe Four S75,4W ST44 n.a Six Fire VeFy Low m -Incoe a.a y.0 Max. Re^.1. 1^xrre Lim. S13.4M 5569 S20-BuD $650 $30,150 $ 7 31 333.5M $613 $30= $876 $33.94r3 $943 hFOCe: r'.iax7muvn dZenirefie�s,gvu rent arrrounthetcre tlptlucf0an�r,%N'y aRmence. Low-income Oualiying Max mum Rent Ran IncomeLmit so%x:� jO%x8G% 537.,r,m MW t653 5I32 $42.2,W $790 $1,073 W.2M $879 $1,206 $53,6W 1,975 $1,340 $57,2a0 $1.053 $1,448 $62.200 $1.131 $1,555 Table 3 Moderate4ncomr (.1-1 in, Maximum Rent In me LimT :� x 1"ate 3:x 1:1795 554,6aa $:,251 51,385 $62400 T1,430 $1.500 SM.20a $1,609 $1.766 $7B4O00 $1,766 $1.950 $B4,25a p,031 $2.10a $90,59a $2,074 $2.203 56 Domestic Violence State law requires that a housing authority annually disclose data related to domestic violence incidents in units owned or operated by the housing authority. Specifically, the data must include: • Data on termination of tenancies and/or Section 8 vouchers of victims of domestic violence in housing authority units. • Summary of steps taken by the housing authority to address any termination of tenancies and/or Section 8 vouchers of victims of domestic violence. In Fiscal Year 2013-14, there were no terminations of tenancies or Section 8 vouchers of victims of domestic violence in units owned or operated by the Authority. In the future, information on any terminations of victims of domestic violence will be presented under separate cover to protect the privacy of the parties involved. AUTHORITY BUDGET Table 4 presents the Authority's estimated expenditures for FY 2013-14 as well as the estimated budget for FY 2014-15. Estimated Budget Table 4 La Quinta Housing Authority FY 13114 FY 14115 Estimated Requested Actual Budget PERSONNEL $2,676 $3,300 Salaries -Permanent Full Time $2,525 $2,400 Commissions and Boards $150 $700 Benefits $0 $200 SUPPLIES & SERVICES $66,032 $66,500 Contract Services $65,100 $65,000 Printing $0 $0 Training $932 $1,500 Legal advertising for Housing Commission $0 $0 Membership 'Dues $0 $0 Office Supplies $0 0 HOUSING DEVELOPMENT PROGRAM $162,000 $165,000 La Quinta Dental Program $162,000 $165,000 TOTAL $230307 5234,800 57 C: Affordable Housing Covenants La Quinta Housing Authority AppendixM Loan[Annount Datelbf[toan Property[Address Description 1 $4,473.73 05/07/98 52-105 Ave. Rubio Sewer Subsidy 2 $800.46 01/12/99 52-880 Ave. Diaz Sewer Subsidy 3 $4,120.21 02/23/99 54-055 Eisenhower Drive Sewer Subsidy 4 $4,120.21 02/23/99 53-910 Ave. Herrera Sewer Subsidy 5 $4,748.35 02/23/99 51-740 Ave. Velasco Sewer Subsidy 6 $4,533.42 03/04/99 52-520 Ave. Ramirez Sewer Subsidy 7 $4,782.70 03/14/99 51-975 Ave. Ramirez Sewer Subsidy 8 $4,142.30 04/04/99 54-175 Ave. Diaz Sewer Subsidy 9 $4,308.15 04/04/99 52-885 Ave. Mendoza Sewer Subsidy 10 $4,277.30 06/03/99 53-840 Ave. Martinez Sewer Subsidy 11 $4,333.15 06/03/99 53-201 Ave. Martinez Sewer Subsidy 12 $4,357.70 06/08/99 53-325 Ave. Alvarado Sewer Subsidy 13 $4,453.15 06/08/99 52-840 Ave. Navarro Sewer Subsidy 14 $5,147.70 06/08/99 77-670 Calle Sinaloa Sewer Subsidy 15 $3,480.00 06/17/99 54-722 Ave. Herrera Sewer Subsidy 16 $4,186.26 06/23/99 53-910 Ave. Cortez Sewer Subsidy 17 $4,949.51 06/23/99 51-650 Ave. Vallejo Sewer Subsidy 18 $4,507.30 08/19/99 77-805 Calle Chillon Sewer Subsidy 19 $4,826.97 08/19/99 77-395 Calle Durango Sewer Subsidy 20 $4,596.97 08/26/99 52-410 Ave. Villa Sewer Subsidy 21 $4,531.97 08/26/99 52-385 Ave. Martinez Sewer Subsidy 22 $3,615.00 01/13/00 53-125 Eisenhower Sewer Subsidy 23 $4,096.40 01/18/00 54-585 Eisenhower Dr. Sewer Subsidy 24 $5,169.22 01/18/00 51-933 Ave. Navarro Sewer Subsidy 25 $4,746.97 01/20/00 51-120 Ave. Velasco Sewer Subsidy 26 $4,696.97 01/20/00 51-845 Ave. Rubio Sewer Subsidy 27 $3,600.00 04/13/00 53-960 Ave. Alvarado Sewer Subsidy 28 $4,903.78 05/10/00 51-970 Ave. Carranza Sewer Subsidy 29 $4,903.78 05/10/00 77-395 Calle Sinaloa Sewer Subsidy 30 $4,748.01 06/15/00 51-104 Ave. Vallejo Sewer Subsidy 31 $4,297.48 07/11/00 54-225 Ave. Mendoza Sewer Subsidy 32 $4,748.01 07/25/00 51-045 Ave. Velasco Sewer Subsidy 33 $7,425.82 07/25/00 78-570 Saguaro Road Sewer Subsidy 34 $8,524.42 07/25/00 51-415 Calle Jacumba Sewer Subsidy 35 $4,297.48 08/17/00 53-675 Ave. Alvarado Sewer Subsidy 36 $8,913.99 08/17/00 46-441 Roudel Lane Sewer Subsidy 37 $10,344.42 08/17/00 51-410 Calle Iloilo Sewer Subsidy 38 $4,041.88 08/22/00 53-790 Ave. Alvarado Sewer Subsidy 39 $4,539.66 08/22/00 52-151 Ave. Carranza Sewer Subsidy 40 $4,653.01 08/22/00 51-870 Ave. Villa Sewer Subsidy 41 $4,049.16 08/23/00 54-180 Ave. Juarez Sewer Subsidy 42 $4,442.22 08/23/00 52-190 Ave. Carranza Sewer Subsidy 43 $8,524.42 08/23/00 78-170 Calle Fortuna Sewer Subsidy 44 $10,284.42 08/24/00 51-604 Ave. Villa Sewer Subsidy 58 Affordable Housing Covenants La Quinta Housing Authoritv 45 $4,206.96 10/18/00 53-235 Ave. Navarro Sewer Subsidy 46 $7,749.25 10/18/00 78-707 Saguaro Road Sewer Subsidy 47 $4,058.92 11/29/00 54-105 Ave. Rubio Sewer Subsidy 48 $804.11 12/07/00 52-500 Ave. Ramirez Sewer Subsidy 49 $8,913.99 12/20/00 46-464 Roudel Lane Sewer Subsidy 50 $4,362.12 03/16/01 52-621 Ave. Herrera Sewer Subsidy 51 $9,072.72 03/16/01 51-622 Ave. Navarro Sewer Subsidy 52 $8,622.72 03/16/01 51-445 Ave. Mendoza Sewer Subsidy 53 $4,362.12 03/26/01 77-211 Calle Sonora Sewer Subsidy 54 $4,362.12 03/26/01 52-525 Ave. Juarez Sewer Subsidy 55 $4,516.69 08/15/01 51-385 Eisenhower Dr. Sewer Subsidy 56 $5,088.31 09/25/01 52-031 Ave. Velasco Sewer Subsidy 57 $5,697.15 09/25/01 51-120 Ave. Carranza Sewer Subsidy 58 $4,601.26 12/27/01 54-765 Ave. Ramirez Sewer Subsidy 59 $4,594.77 12/27/01 53-635 Ave. Herrera Sewer Subsidy 60 $4,731.52 12/27/01 52-795 Ave. Mendoza Sewer Subsidy 61 $4,913.38 12/27/01 77-885 Calle Ensenada Sewer Subsidy 62 $4,862.18 12/27/01 52-685 Ave. Vallejo Sewer Subsidy 63 $3,620.00 06/06/02 52-253 Ave. Villa Sewer Subsidy 64 $1,695.00 06/06/02 52-582 Ave. Herrera Sewer Subsidy 65 $4,613.43 06/07/02 54-280 Ave/ Vallejo Sewer Subsidy 66 $5,173.65 06/27/02 51-885 Ave. Martinez Sewer Subsidy 67 $6,017.80 08/06/02 51-125 Ave. Velasco Sewer Subsidy 68 $4,425.00 11/15/02 52-930 Ave. Juarez Sewer Subsidy 69 $4,425.00 11/15/02 52-175 Ave. Ramirez Sewer Subsidy 70 $4,425.00 11/15/02 51-865 Ave. Herrera Sewer Subsidy 71 $5,208.64 03/19/03 52-090 Ave. Martiez Sewer Subsidy 72 $5,737.84 03/19/03 51-286 Ave. Velasco Sewer Subsidy 73 $5,074.43 05/28/03 53-320 Ave. Rubio Sewer Subsidy 74 $5,208.63 05/28/03 52-071 Ave. Herrera Sewer Subsidy 75 $4,875.00 06/22/04 51-910 Ave. Villa Sewer Subsidy 76 $38,091.00 04/29/93 52-385 Ave. Navarro Silent Second TD 77 $61,636.00 04/29/93 52-440 Ave. Obregon Silent Second TD 78 $38,066.00 04/29/93 52-848 Ave. Velasco Silent Second TD 79 $38,091.00 04/30/93 51-620 Ave. Vallejo Silent Second TD 80 $47,280.00 05/03/93 52-865 Ave. Velasco Silent Second TD 81 $58,022.00 10/01/93 52-445 Ave. Bermudas Silent Second TD 82 $58,022.00 10/01/93 53-660 Ave. Rubio Silent Second TD 83 $54,280.00 12/22/93 52-070 Ave. Madero Silent Second TD 84 $43,150.00 12/22/93 52-600 Ave. Martinez Silent Second TD 85 $59,280.00 12/22/93 52-155 Ave. Navarro Silent Second TD 86 $54,280.00 12/22/93 52-445 Ave. Rubio Silent Second TD 87 $21,150.00 12/22/93 52-695 Ave. Rubio Silent Second TD 88 $47,280.00 12/22/93 52-865 Ave. Velasco Silent Second TD 89 $58,022.00 04/29/94 54-565 Eisenhower Dr. Silent Second TD 90 $34,632.00 12/28/94 52-445 Ave. Mendoza Silent Second TD 91 $58,340.00 10/23/95 78-280 Springtime Way Silent Second TD 59 Affordable Housing Covenants La Quinta Housing Authoritv 92 $47,130.00 10/23/95 78-290 Springtime Way Silent Second TD 93 $67,171.00 10/26/95 78-285 Winter Cove Court Silent Second TD 94 $42,183.00 10/26/95 78-320 Winter Cove Court Silent Second TD 95 $47,130.00 10/26/95 78-330 Winter Cove Court Silent Second TD 96 $68,000.00 10/27/95 78-305 Winter Cove Court Silent Second TD 97 $40,000.00 12/28/95 53-165 Eisenhower Dr. Silent Second TD 98 $36,480.00 01/05/96 78-300 Springtime Way Silent Second TD 99 $46,000.00 03/13/96 78-265 Winter Cove Court Silent Second TD 100 $68,000.00 03/29/96 78-310 Springtime Way Silent Second TD 101 $68,000.00 03/29/96 78-315 Winter Cove Court Silent Second TD 102 $44,558.00 04/16/96 78-310 Winter Cove Court Silent Second TD 103 $34,632.00 04/26/96 53-880 Ave. Villa Silent Second TD 104 $46,000.00 07/05/96 78-325 Winter Cove Court Silent Second TD 105 $51,000.00 09/20/96 78-260 Winter Cove Court Silent Second TD 106 $40,000.00 09/24/96 52-010 Ave. Obregon Silent Second TD 107 $51,000.00 09/24/96 78-265 Desert Fall Way Silent Second TD 108 $51,000.00 09/24/96 78-255 Winter Cove Court Silent Second TD 109 $40,000.00 10/22/96 52-030 Ave. Obregon Silent Second TD 110 $19,300.00 10/31/96 54-900 Ave. Vallejo Silent Second TD 111 $65,300.00 03/20/97 78-250 Winter Cove Court Silent Second TD 112 $36,000.00 04/15/97 52-380 Ave. Carranza Silent Second TD 113 $73,800.00 04/30/97 78-590 Carnes Circle Silent Second TD 114 $69,700.00 05/06/97 51-780 Ave. Morales Silent Second TD 115 $36,000.00 06/09/97 54-495 Ave. Juarez Silent Second TD 116 $62,800.00 06/09/97 78-820 Nolan Circle Silent Second TD 117 $15,000.00 06/30/97 53-880 Ave. Herrera Silent Second TD 118 $50,000.00 07/03/97 54-845 Ave. Obregon Silent Second TD 119 $50,000.00 07/10/97 51-965 Ave. Herrera Silent Second TD 120 $50,000.00 07/11/97 51-975 Ave. Herrera Silent Second TD 121 $60,000.00 07/11/97 78-595 Sagebrush Dr. Silent Second TD 122 $34,000.00 07/15/97 51-614 Ave. Herrera Silent Second TD 123 $47,065.00 08/18/97 52-160 Ave. Rubio Silent Second TD 124 $40,000.00 08/20/97 51-280 Calle Jacumba Silent Second TD 125 $30,000.00 08/29/97 53-260 Ave. Rubio Silent Second TD 126 $25,000.00 08/29/97 78-615 Via Corrido Silent Second TD 127 $30,000.00 09/12/97 51-415 Calle Jacumba Silent Second TD 128 $18,983.00 09/19/97 52-412 Ave. Villa Silent Second TD 129 $21,762.00 10/09/97 54-165 Eisenhower Dr. Silent Second TD 130 $26,900.00 10/30/97 52-105 Ave. Rubio Silent Second TD 131 $50,000.00 10/31/97 78-260 Springtime Way Silent Second TD 132 $75,670.00 11/20/97 78-255 Desert Fall Way Silent Second TD 133 $38,000.00 08/27/98 52-885 Ave. Villa Silent Second TD 134 $50,000.00 08/28/98 52-675 Ave. Rubio Silent Second TD 135 $39,000.00 08/28/98 79-343 Horizon Palms Circle Silent Second TD 136 $50,000.00 09/11/98 52-575 Ave. Diaz Silent Second TD 137 $50,000.00 09/11/98 51-800 Ave. Rubio Silent Second TD 138 $41,000.00 09/11/98 53-820 Ave. Villa Silent Second TD 60 Affordable Housing Covenants La Quinta Housing Authoritv 139 $45,000.00 09/17/98 52-675 Ave. Velasco Silent Second TD 140 $48,120.00 09/18/98 51-825 Ave. Herrera Silent Second TD 141 $47,000.00 09/28/98 51-840 Ave. Rubio Silent Second TD 142 $65,000.00 09/30/98 51-815 Ave. Alvarado Silent Second TD 143 $45,000.00 10/15/98 54-175 Ave. Diaz Silent Second TD 144 $26,000.00 12/02/98 51-805 Ave. Herrera Silent Second TD 145 $58,022.00 12/29/98 51-945 Ave. Bermudas Silent Second TD 146 $55,000.00 07/30/99 52-080 Ave. Velasco Silent Second TD 147 $65,000.00 08/04/99 52-120 Ave. Velasco Silent Second TD 148 $55,000.00 08/13/99 52-100 Ave. Velasco Silent Second TD 149 $36,000.00 08/20/99 52-085 Ave. Alvarado Silent Second TD 150 $40,000.00 08/31/99 51-780 Ave. Mendoza Silent Second TD 151 $50,000.00 09/10/99 52-800 Ave. Carranza Silent Second TD 152 $45,000.00 10/29/99 52-625 Ave. Diaz Silent Second TD 153 $50,000.00 10/29/99 53-465 Ave. Rubio Silent Second TD 154 $47,900.00 10/29/99 78-300 Desert Fall Way Silent Second TD 155 $43,403.00 11/15/99 54-445 Ave. Ramirez Silent Second TD 156 $30,100.00 12/10/99 78-205 Cloud View Way Silent Second TD 157 $48,990.00 12/22/99 53-065 Ave. Vallejo Silent Second TD 158 $50,000.00 12/30/99 78-860 Parkbrook Court Silent Second TD 159 $25,000.00 12/30/99 45-160 Sunberry Court Silent Second TD 160 $50,000.00 01/05/00 53-760 Ave. Alvarado Silent Second TD 161 $44,600.00 02/15/00 52-300 Ave. Juarez Silent Second TD 162 $8,719.00 02/29/00 47-900 Silverberry St. Silent Second TD 163 $8,719.00 03/03/00 79-915 Cassia St. Silent Second TD 164 $34,450.00 03/21/00 53-495 Ave. Herrera Silent Second TD 165 $8,719.00 03/30/00 47-785 Sumac St. Silent Second TD 166 $8,719.00 04/14/00 47-810 Silverberry St. Silent Second TD 167 $8,719.00 04/25/00 47-845 Silverberry St. Silent Second TD 168 $29,950.00 05/02/00 52-690 Ave. Herrera Silent Second TD 169 $50,000.00 09/20/00 53-295 Eisenhower Dr. Silent Second TD 170 $50,000.00 09/27/00 53-305 Eisenhower Dr. Silent Second TD 171 $50,000.00 09/29/00 52-280 Ave. Ramirez Silent Second TD 172 $13,000.00 09/29/00 53-125 Ave. Rubio Silent Second TD 173 $50,000.00 09/29/00 51-580 Ave. Velasco Silent Second TD 174 N/A 10/19/00 54-220 Ave. Ramirez Silent Second TD 175 $25,000.00 10/30/00 79-370 Sierra Vista Way Silent Second TD 176 $50,000.00 11/15/00 51-785 Ave. Obregon Silent Second TD 177 $44,681.00 11/28/00 51-355 Calle Iloilo Silent Second TD 178 $46,400.00 12/07/00 51-905 Ave. Juarez Silent Second TD 179 $46,400.00 12/14/00 51-325 Ave. Velasco Silent Second TD 180 $47,000.00 12/20/00 51-455 Calle Iloilo Silent Second TD 181 $21,400.00 12/22/00 51-705 Ave. Bermudas Silent Second TD 182 $50,000.00 12/22/00 53-385 Ave. Juarez Silent Second TD 183 $25,000.00 12/22/00 52-950 Ave. Villa Silent Second TD 184 $25,000.00 01/26/01 52-120 Ave. Ramirez Silent Second TD 185 $50,000.00 01/30/01 51-985 Ave. Bermudas Silent Second TD 61 Affordable Housing Covenants La Quinta Housing Authoritv 186 $50,000.00 02/23/01 52-450 Ave. Obregon Silent Second TD 187 $25,000.00 03/07/01 51-800 Ave. Velasco Silent Second TD 188 $25,000.00 03/21/01 53-655 Ave. Navarro Silent Second TD 189 $37,450.00 05/30/01 52-365 Ave. Martinez Silent Second TD 190 $25,000.00 05/30/01 52-435 Ave. Vallejo Silent Second TD 191 $50,000.00 06/08/01 51-880 Ave. Velasco Silent Second TD 192 $60,000.00 06/22/01 53-230 Ave. Obregon Silent Second TD 193 $12,000.00 07/02/01 52-455 Ave. Vallejo Silent Second TD 194 $25,000.00 08/02/01 52-930 Ave. Herrera Silent Second TD 195 $46,265.00 08/06/01 52-940 Ave. Herrera Silent Second TD 196 $45,800.00 08/15/01 49-650 Date Palm Dr. Silent Second TD 197 $65,000.00 08/31/01 51-820 Eisenhower Dr. Silent Second TD 198 $66,500.00 09/05/01 52-360 Eisenhower Dr. Silent Second TD 199 $25,000.00 09/17/01 51-785 Ave. Herrera Silent Second TD 200 $65,000.00 09/18/01 51-335 Calle Iloilo Silent Second TD 201 $58,000.00 09/26/01 52-085 Ave. Carranza Silent Second TD 202 $25,000.00 09/26/01 54-160 Ave. Velasco Silent Second TD 203 $65,000.00 09/27/01 54-040 Ave. Mendoza Silent Second TD 204 $64,000.00 09/28/01 53-800 Ave. Navarro Silent Second TD 205 $65,000.00 10/12/01 52-190 Ave. Martinez Silent Second TD 206 $65,000.00 10/17/01 53-175 Ave. Mendoza Silent Second TD 207 $65,000.00 10/26/01 51-920 Ave. Madero Silent Second TD 208 $65,000.00 10/26/01 52-970 Ave. Mendoza Silent Second TD 209 $56,550.00 11/02/01 53-425 Ave. Martinez Silent Second TD 210 $25,000.00 11/16/01 51-645 Ave. Vallejo Silent Second TD 211 $25,000.00 11/20/01 52-660 Ave. Vallejo Silent Second TD 212 $65,000.00 12/10/01 54-220 Ave. Diaz Silent Second TD 213 $60,925.00 12/10/01 52-760 Ave. Velasco Silent Second TD 214 $8,719.00 12/13/01 79-795 Cassia St. Silent Second TD 215 $8,719.00 12/14/01 79-811 Cassia St. Silent Second TD 216 $60,650.00 12/20/01 53-445 Ave. Martinez Silent Second TD 217 $8,719.00 12/21/01 79-747 Cassia St. Silent Second TD 218 $60,000.00 12/24/01 54-015 Ave. Martinez Silent Second TD 219 $25,000.00 12/28/01 51-930 Ave. Navarro Silent Second TD 220 $50,000.00 12/28/01 52-120 Eisenhower Dr. Silent Second TD 221 $8,719.00 01/02/02 79-775 Desert Willow St. Silent Second TD 222 $8,719.00 01/04/02 79-770 Desert Willow St. Silent Second TD 223 $8,719.00 01/07/02 79-731 Cassia St. Silent Second TD 224 $8,719.00 01/08/02 79-765 Desert Willow St. Silent Second TD 225 $25,000.00 01/18/02 51-510 Ave. Villa Silent Second TD 226 $63,803.00 01/22/02 51-870 Ave. Navarro Silent Second TD 227 $65,000.00 01/31/02 51-685 Ave. Villa Silent Second TD 228 $65,000.00 02/01/02 52-975 Ave. Alvarado Silent Second TD 229 $65,000.00 02/08/02 51-535 Ave. Bermudas Silent Second TD 230 $60,000.00 02/16/02 51-510 Ave. Navarro Silent Second TD 231 $65,000.00 02/22/02 52-325 Ave. Velasco Silent Second TD 232 $8,719.00 03/12/02 47-905 Rosemary St. Silent Second TD 62 Affordable Housing Covenants La Quinta Housing Authoritv 233 $65,000.00 03/15/02 52-355 Ave. Obregon Silent Second TD 234 $65,000.00 03/20/02 52-165 Ave. Bermudas Silent Second TD 235 $25,000.00 03/20/02 79-435 Ave. Las Palmas Silent Second TD 236 $65,000.00 03/21/02 52-250 Ave. Diaz Silent Second TD 237 $8,719.00 03/28/02 79-683 Cassia St. Silent Second TD 238 $60,530.00 04/05/02 53-385 Ave. Herrera Silent Second TD 239 $8,719.00 04/05/02 79-651 Cassia St. Silent Second TD 240 $8,719.00 04/08/02 79-683 Cassia St. Silent Second TD 241 $60,000.00 04/16/02 52-020 Ave. Vallejo Silent Second TD 242 $8,719.00 04/19/02 79-670 Desert Willow St. Silent Second TD 243 $8,719.00 04/23/02 79-640 Desert Willow St. Silent Second TD 244 $65,000.00 04/24/02 52-935 Ave. Mendoza Silent Second TD 245 $65,000.00 05/02/02 52-350 Ave. Vallejo Silent Second TD 246 $65,000.00 05/07/02 51-530 Ave. Herrera Silent Second TD 247 $8,719.00 05/08/02 79-680 Desert Willow St. Silent Second TD 248 $25,000.00 06/03/02 79-776 Independence Way Silent Second TD 249 $25,000.00 06/10/02 52-845 Ave. Alvarado Silent Second TD 250 $46,700.00 06/18/02 52-645 Ave. Diaz Silent Second TD 251 $70,000.00 06/27/02 51-552 Ave. Martinez Silent Second TD 252 $8,719.00 06/28/02 79-660 Desert Willow St. Silent Second TD 253 $25,000.00 07/31/02 51-395 Calle Kalima Silent Second TD 254 $81,900.00 08/21/02 53-785 Ave. Alvarado Silent Second TD 255 $83,880.00 09/04/02 53-835 Ave. Navarro Silent Second TD 256 $66,500.00 09/10/02 53-045 Ave. Martinez Silent Second TD 257 $34,040.00 09/17/02 79-910 Memorial Place Silent Second TD 258 N/A 10/23/02 52-175 Ave. Obregon Silent Second TD 259 $88,825.00 10/29/02 51-805 Ave. Villa Silent Second TD 260 $78,430.00 10/30/02 51-400 Ave. Navarro Silent Second TD 261 $98,840.00 12/12/02 79-790 Independence Way Silent Second TD 262 $79,000.00 12/13/02 51-940 Eisenhower Dr. Silent Second TD 263 $40,000.00 01/03/03 51-995 Ave. Mendoza Silent Second TD 264 $95,000.00 01/15/03 77-825 Calle Nogales Silent Second TD 265 $86,280.00 01/31/03 52-205 Ave. Bermudas Silent Second TD 266 $90,675.00 02/20/03 51-288 Calle Hueneme Silent Second TD 267 $83,310.00 03/03/03 52-880 Ave. Obregon Silent Second TD 268 $89,000.00 03/06/03 51-810 Ave. Alvarado Silent Second TD 269 $86,800.00 03/13/03 51-380 Calle Hueneme Silent Second TD 270 $88,000.00 03/14/03 51-450 Calle Jacumba Silent Second TD 271 $40,000.00 04/02/03 53-600 Ave. Diaz Silent Second TD 272 $89,725.00 04/03/03 51-590 Ave. Diaz Silent Second TD 273 $86,600.00 04/10/03 53-140 Ave. Velasco Silent Second TD 274 $87,250.00 04/11/03 53-189 Ave. Villa Silent Second TD 275 $79,025.00 05/02/03 51-418 Calle Iloilo Silent Second TD 276 $83,310.00 05/05/03 52-585 Ave. Ramirez Silent Second TD 277 $40,000.00 05/30/03 51-925 Ave. Obregon Silent Second TD 278 $86,280.00 05/30/03 52-810 Ave. Villa Silent Second TD 279 $88,830.00 06/06/03 52-900 Ave. Mendoza Silent Second TD 63 Affordable Housing Covenants La Quinta Housing Authoritv 280 $91,600.00 06/20/03 53-175 Ave. Villa Silent Second TD 281 $84,750.00 06/27/03 53-035 Ave. Herrera Silent Second TD 282 $84,750.00 06/27/03 53-055 Ave. Herrera Silent Second TD 283 $31,330.00 07/03/03 53-380 Ave. Martinez Silent Second TD 284 $44,100.00 07/03/03 53-780 Ave. Vallejo Silent Second TD 285 $40,000.00 07/07/03 77-780 Calle Chihuahua Silent Second TD 286 $60,000.00 07/09/03 53-620 Ave. Alvarado Silent Second TD 287 $88,255.00 07/11/03 54-845 Ave. Carranza Silent Second TD 288 $40,000.00 07/22/03 53-105 Ave. Navarro Silent Second TD 289 $93,471.00 07/22/03 52-585 Ave. Obregon Silent Second TD 290 $99,000.00 07/25/03 51-460 Ave. Vallejo Silent Second TD 291 $93,580.00 07/31/03 51-610 Ave. Diaz Silent Second TD 292 $93,580.00 08/04/03 53-555 Ave. Herrera Silent Second TD 293 $40,000.00 08/05/03 53-300 Ave. Martinez Silent Second TD 294 $63,400.00 08/13/03 53-436 Ave. Martinez Silent Second TD 295 $70,100.00 08/26/03 52-665 Ave. Ramirez Silent Second TD 296 $94,000.00 08/28/03 53-340 Ave. Martinez Silent Second TD 297 $40,000.00 11/05/03 53-305 Ave. Vallejo Silent Second TD 298 $40,000.00 11/05/03 53-145 Ave. Villa Silent Second TD 299 $40,000.00 11/07/03 53-620 Ave. Herrera Silent Second TD 300 $85,000.00 11/26/03 53-640 Ave. Herrera Silent Second TD 301 $94,000.00 12/05/03 53-060 Ave. Mendoza Silent Second TD 302 $89,000.00 12/23/03 53-080 Ave. Mendoza Silent Second TD 303 $40,000.00 02/03/04 52-720 Ave. Ramirez Silent Second TD 304 $50,000.00 05/17/04 78-275 Winter Cove Court Silent Second TD 305 $85,000.00 09/10/04 53-185 Ave. Navarro Silent Second TD 306 $65,000.00 10/15/04 54-840 Ave. Alvarado Silent Second TD 307 $70,000.00 10/19/04 53-195 Ave. Alvarado Silent Second TD 308 $78,000.00 11/23/04 52-195 Ave. Mendoza Silent Second TD 309 $79,500.00 12/29/04 52-965 Ave. Carranza Silent Second TD 310 $50,000.00 01/20/05 78-310 Desert Fall Way Silent Second TD 311 $40,000.00 01/25/05 47-875 Dancing Butterfly Silent Second TD 312 $70,000.00 02/15/05 52-830 Ave. Martinez Silent Second TD 313 $70,000.00 03/28/05 53-365 Eisenhower Dr. Silent Second TD 314 $90,000.00 03/30/05 53-380 Ave. Madero Silent Second TD 315 $85,000.00 07/01/05 54-300 Ave. Velasco Silent Second TD 316 $94,900.00 07/05/05 52-700 Ave. Velasco Silent Second TD 317 $69,070.00 07/07/05 52-900 Eisenhower Dr. Silent Second TD 318 $70,000.00 07/08/05 52-680 Ave. Velasco Silent Second TD 319 $78,000.00 12/16/05 53-940 Eisenhower Dr. Silent Second TD 320 $40,000.00 01/10/06 51-720 Ave. Mendoza Silent Second TD 321 $48,000.00 05/26/06 79-356 Cool Reflection Silent Second TD 322 $48,000.00 05/26/06 47-850 Endless Sky Silent Second TD 323 $48,000.00 05/26/06 47-785 Soft Moonlight Silent Second TD 324 $48,000.00 05/26/06 47-855 Soft Moonlight Silent Second TD 325 $48,000.00 05/31/06 47-822 Endless Sky Silent Second TD 326 $48,000.00 05/31/06 47-906 Endless Sky Silent Second TD 64 Affordable Housing Covenants La Quinta Housing Authoritv 327 $48,000.00 05/31/06 47-875 Soft Moonlight Silent Second TD 328 $56,000.00 06/06/06 79-315 Rose Dawn Silent Second TD 329 $48,000.00 06/06/06 79-355 Rose Dawn Silent Second TD 330 $48,000.00 06/06/06 47-805 Soft Moonlight Silent Second TD 331 $48,000.00 06/06/06 47-815 Soft Moonlight Silent Second TD 332 $96,000.00 06/14/06 53-205 Ave. Navarro Silent Second TD 333 $48,000.00 06/15/06 47-892 Endless Sky Silent Second TD 334 $37,000.00 06/16/06 79-326 Cool Reflection Silent Second TD 335 $48,000.00 06/28/06 47-864 Endless Sky Silent Second TD 336 $96,000.00 06/30/06 53-195 Ave. Carranza Silent Second TD 337 $48,000.00 06/30/06 79-320 Cool Reflection Silent Second TD 338 $75,000.00 07/07/06 53-080 Ave. Villa Silent Second TD 339 $48,000.00 08/01/06 47-808 Endless Sky Silent Second TD 340 $48,000.00 08/02/06 47-738 Endless Sky Silent Second TD 341 $48,000.00 08/10/06 79-332 Cool Reflection Silent Second TD 342 $48,000.00 08/16/06 79-325 Rose Dawn Silent Second TD 343 $96,000.00 08/18/06 53-760 Ave. Vallejo Silent Second TD 344 $56,000.00 08/24/06 79-338 Cool Reflection Silent Second TD 345 $56,000.00 09/01/06 79-350 Cool Reflection Silent Second TD 346 $48,000.00 09/07/06 47-780 Endless Sky Silent Second TD 347 $56,000.00 09/22/06 47-752 Endless Sky Silent Second TD 348 $96,000.00 09/29/06 53-925 Ave. Martinez Silent Second TD 349 $35,000.00 09/29/06 47-765 Soft Moonlight Silent Second TD 350 $56,000.00 10/20/06 47-755 Soft Moonlight Silent Second TD 351 $48,000.00 10/24/06 47-878 Endless Sky Silent Second TD 352 $48,000.00 10/24/06 47-745 Soft Moonlight Silent Second TD 353 $48,000.00 10/27/06 47-775 Soft Moonlight Silent Second TD 354 $56,000.00 12/08/06 47-836 Endless Sky Silent Second TD 355 $75,000.00 12/17/06 52-625 Ave. Rubio Silent Second TD 356 $81,000.00 12/29/06 47-795 Soft Moonlight Silent Second TD 357 $81,000.00 01/03/07 47-835 Soft Moonlight Silent Second TD 358 $103,000.00 01/19/07 79-345 Rose Dawn Silent Second TD 359 $48,000.00 01/24/07 79-344 Cool Reflection Silent Second TD 360 $103,000.00 01/30/07 47-825 Soft Moonlight Silent Second TD 361 $103,000.00 01/31/07 47-766 Endless Sky Silent Second TD 362 $103,000.00 02/01/07 79-335 Rose Dawn Silent Second TD 363 $48,000.00 02/27/07 79-264 Rose Dawn Silent Second TD 364 $100,000.00 02/27/07 79-320 Rose Dawn Silent Second TD 365 $103,000.00 02/28/07 79-280 Cool Reflection Silent Second TD 366 $103,000.00 02/28/07 47-630 Dancing Butterfly Silent Second TD 367 $103,000.00 02/28/07 47-690 Dancing Butterfly Silent Second TD 368 $48,000.00 02/28/07 79-268 Rose Dawn Silent Second TD 369 $81,000.00 02/28/07 79-280 Rose Dawn Silent Second TD 370 $103,000.00 02/28/07 79-336 Rose Dawn Silent Second TD 371 $48,000.00 02/28/07 79-269 Sign of Spring Silent Second TD 372 $103,000.00 02/28/07 79-289 Sign of Spring Silent Second TD 373 $103,000.00 02/28/07 79-313 Sign of Spring Silent Second TD 65 Affordable Housing Covenants La Quinta Housing Authoritv 374 $103,000.00 03/21/07 47-695 Soft Moonlight Silent Second TD 375 $48,000.00 03/27/07 79-348 Rose Dawn Silent Second TD 376 $103,000.00 03/30/07 47-670 Dancing Butterfly Silent Second TD 377 $103,000.00 03/30/07 79-340 Rose Dawn Silent Second TD 378 $68,000.00 03/30/07 79-333 Sign of Spring Silent Second TD 379 $103,000.00 04/13/07 47-650 Dancing Butterfly Silent Second TD 380 $103,000.00 04/13/07 79-260 Rose Dawn Silent Second TD 381 $103,000.00 04/13/07 79-265 Sign of Spring Silent Second TD 382 $103,000.00 04/13/07 47-655 Soft Moonlight Silent Second TD 383 $103,000.00 04/20/07 79-261 Sign of Spring Silent Second TD 384 $103,000.00 05/07/07 79-332 Rose Dawn Silent Second TD 385 $103,000.00 05/08/07 79-272 Rose Dawn Silent Second TD 386 $103,000.00 05/08/07 79-273 Sign of Spring Silent Second TD 387 $80,000.00 05/11/07 47-610 Dancing Butterfly Silent Second TD 388 $103,000.00 05/16/07 79-317 Sign of Spring Silent Second TD 389 $103,000.00 05/16/07 79-337 Sign of Spring Silent Second TD 390 $103,000.00 05/18/07 79-324 Rose Dawn Silent Second TD 391 $59,500.00 05/23/07 47-635 Soft Moonlight Silent Second TD 392 $103,000.00 05/24/07 79-285 Sign of Spring Silent Second TD 393 $103,000.00 05/25/07 79-344 Rose Dawn Silent Second TD 394 $68,000.00 05/25/07 47-675 Soft Moonlight Silent Second TD 395 $103,000.00 06/01/07 47-794 Endless Sky Silent Second TD 396 $103,000.00 06/08/07 79-276 Rose Dawn Silent Second TD 397 $76,300.00 06/08/07 79-328 Rose Dawn Silent Second TD 398 $103,000.00 06/25/07 79-305 Sign of Spring Silent Second TD 399 $103,000.00 06/29/07 79-301 Sign of Spring Silent Second TD 400 $103,000.00 06/29/07 47-615 Soft Moonlight Silent Second TD 401 $106,050.00 07/06/07 53-785 Ave. Ramirez Silent Second TD 402 $78,000.00 07/13/07 47-872 Dancing Butterfly Silent Second TD 403 $103,000.00 07/13/07 47-785 Endless Sky Silent Second TD 404 $73,000.00 07/13/07 79-255 Rose Dawn Silent Second TD 405 $103,000.00 07/13/07 79-297 Sign of Spring Silent Second TD 406 $103,000.00 07/19/07 47-860 Dancing Butterfly Silent Second TD 407 $55,000.00 07/30/07 47-764 Dancing Butterfly Silent Second TD 408 $103,000.00 07/30/07 47-776 Dancing Butterfly Silent Second TD 409 $79,100.00 07/30/07 79-293 Sign of Spring Silent Second TD 410 $103,000.00 07/31/07 47-740 Dancing Butterfly Silent Second TD 411 $103,000.00 07/31/07 47-812 Dancing Butterfly Silent Second TD 412 $103,000.00 08/31/07 47-755 Endless Sky Silent Second TD 413 $103,000.00 08/31/07 47-855 Endless Sky Silent Second TD 414 $103,000.00 08/31/07 79-275 Rose Dawn Silent Second TD 415 $85,000.00 09/14/07 53-100 Ave. Villa Silent Second TD 416 $103,000.00 09/24/07 47-775 Endless Sky Silent Second TD 417 $103,000.00 09/24/07 47-875 Endless Sky Silent Second TD 418 $103,000.00 09/27/07 47-800 Dancing Butterfly Silent Second TD 419 $103,000.00 09/28/07 47-745 Endless Sky Silent Second TD 420 $103,000.00 10/16/07 47-788 Dancing Butterfly Silent Second TD 66 Affordable Housing Covenants La Quinta Housing Authoritv 421 $103,000.00 10/30/07 79-295 Rose Dawn Silent Second TD 422 $103,000.00 11/02/07 47-765 Endless Sky Silent Second TD 423 $103,000.00 11/09/07 79-321 Sign of Spring Silent Second TD 424 $103,000.00 11/21/07 47-896 Dancing Butterfly Silent Second TD 425 $103,000.00 12/28/07 47-752 Dancing Butterfly Silent Second TD 426 $103,000.00 12/28/07 47-884 Dancing Butterfly Silent Second TD 427 $80,000.00 01/04/08 47-795 Endless Sky Silent Second TD 428 $103,000.00 01/17/08 47-825 Endless Sky Silent Second TD 429 $100,000.00 01/25/08 47-885 Dancing Butterfly Silent Second TD 430 $80,000.00 01/25/08 79-285 Rose Dawn Silent Second TD 431 $103,000.00 01/31/08 47-865 Dancing Butterfly Silent Second TD 432 $80,000.00 02/19/08 47-895 Dancing Butterfly Silent Second TD 433 $85,000.00 02/21/08 47-755 Dancing Butterfly Silent Second TD 434 $65,000.00 02/22/08 47-645 Dancing Butterfly Silent Second TD 435 $103,000.00 02/22/08 79-325 Sign of Spring Silent Second TD 436 $100,000.00 02/29/08 47-836 Dancing Butterfly Silent Second TD 437 $100,000.00 03/06/08 47-685 Dancing Butterfly Silent Second TD 438 $103,000.00 03/07/08 47-795 Dancing Butterfly Silent Second TD 439 $60,000.00 03/21/08 47-695 Dancing Butterfly Silent Second TD 440 $103,000.00 03/21/08 79-265 Rose Dawn Silent Second TD 441 $103,000.00 03/27/08 79-329 Sign of Spring Silent Second TD 442 $103,000.00 04/16/08 47-675 Dancing Butterfly Silent Second TD 443 $103,000.00 04/28/08 47-785 Dancing Butterfly Silent Second TD 444 $90,000.00 04/28/08 47-815 Dancing Butterfly Silent Second TD 445 $95,000.00 04/29/08 47-765 Dancing Butterfly Silent Second TD 446 $103,000.00 05/01/08 79-281 Sign of Spring Silent Second TD 447 $103,000.00 05/22/08 47-665 Dancing Butterfly Silent Second TD 448 $103,000.00 05/30/08 47-865 Endless Sky Silent Second TD 449 $91,100.00 06/18/08 47-845 Endless Sky Silent Second TD 450 $103,000.00 06/26/08 79-257 Sign of Spring Silent Second TD 451 $74,000.00 07/15/08 47-815 Endless Sky Silent Second TD 452 $103,000.00 07/18/08 47-805 Dancing Butterfly Silent Second TD 453 $103,000.00 07/31/08 47-855 Dancing Butterfly Silent Second TD 454 $103,000.00 08/08/08 47-895 Endless Sky Silent Second TD 455 $103,000.00 08/22/08 79-277 Sign of Spring Silent Second TD 456 $103,000.00 08/28/08 47-824 Dancing Butterfly Silent Second TD 457 $103,000.00 09/08/08 47-885 Endless Sky Silent Second TD 458 $103,000.00 09/11/08 47-705 Dancing Butterfly Silent Second TD 459 $103,000.00 09/23/08 79-290 Cool Reflection Silent Second TD 460 $103,000.00 09/23/08 47-848 Dancing Butterfly Silent Second TD 461 $103,000.00 10/13/08 47-825 Dancing Butterfly Silent Second TD 462 $65,000.00 10/28/08 47-655 Dancing Butterfly Silent Second TD 463 $103,000.00 10/31/08 47-845 Dancing Butterfly Silent Second TD 464 $103,000.00 11/05/08 79-250 Cool Reflection Silent Second TD 465 $103,000.00 11/14/08 47-745 Dancing Butterfly Silent Second TD 466 $103,000.00 11/28/08 47-805 Endless Sky Silent Second TD 467 $103,000.00 01/09/09 47-835 Endless Sky Silent Second TD 10 67 Affordable Housing Covenants La Quinta Housing Authoritv 468 $103,000.00 02/04/09 47-725 Dancing Butterfly Silent Second TD 469 $103,000.00 02/28/09 79-309 Sign of Spring Silent Second TD 470 $103,000.00 04/30/09 79-341 Sign of Spring Silent Second TD 471 $103,000.00 05/29/09 79-270 Cool Reflection Silent Second TD 472 $103,000.00 07/23/09 47-715 Dancing Butterfly Silent Second TD 473 $103,000.00 08/07/09 47-735 Dancing Butterfly Silent Second TD 474 $103,000.00 10/30/09 79-260 Cool Reflection Silent Second TD 475 $103,000.00 11/06/09 47-835 Dancing Butterfly Silent Second TD 476 $103,000.00 12/17/09 47-775 Dancing Butterfly Silent Second TD 477 $52,280.00 03/11/11 52-280 Ave. Velasco Silent Second TD 478 $65,000.00 03/23/11 53-710 Ave. Rubio Silent Second TD 479 $20,000.00 04/08/11 52-608 Ave. Diaz Silent Second TD 480 $81,000.00 08/05/11 52-685 Ave. Vallejo Silent Second TD 481 N/A 12/12/11 52-475 Ave. Carranza Silent Second TD 482 $49,950.00 12/14/11 52-900 Ave Ramirez Silent Second TD 483 N/A 05/21/12 53-790 Ave. Madero Silent Second TD 484 $40,275.00 06/25/12 52-681 Ave. Mendoza Silent Second TD 485 $65,275.00 07/02/12 77-330 Calle Sonora Silent Second TD 486 $43,725.00 07/19/12 52-050 Ave. Carranza Silent Second TD 487 $25,000.00 05/17/02 52-555 Ave. Carranza Residential Rehab 11 68 69 {' f t ' Ir w OF CITY / SA/ HA/ FA MEETING DATE: January 20, 2015 AGENDA CATEGORY: ITEM TITLE: SELECT HOUSING AUTHORITY CHAIRPERSON AND VICE -CHAIRPERSON FOR 2015 BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Select a Chairperson and Vice -Chairperson for calendar year 2015. EXECUTIVE SUMMARY: On September 15, 2009, the City Council established a Housing Authority. Housing Authority by-laws state that the Authority shall annually, at its first regular meeting held after December 30, vote to elect one of its members as Chairperson and elect another as Vice -Chairperson. At the December 16, 2014 special meeting, Authority Member Pena was selected as temporary Vice -Chairperson. FISCAL IMPACT: None. BACKGROUND/ANALYSIS : The Housing Authority approved Resolution HA 2009-001 in October 2009, which adopted by-laws establishing the procedure for electing the Chair and Vice -Chair. Section 2 of the Housing Authority by-laws states that the Authority shall annually, at its first regular meeting held after December 30, vote to elect one of its members as Chairperson and elect another as Vice -Chairperson. The by-laws also state that the Mayor may not be selected as the Chairperson. 70 The following Authority Members have held these positions since the Authority was established in 2009: Year Chairperson Vice -Chairperson 2009 (3 mos) Linda Evans Terry Henderson 2010 Linda Evans Terry Henderson 2011 Kristy Franklin Linda Evans 2012 Linda Evans Lee Osborne 2013 Lee Osborne Kristy Franklin 2014 Terry Henderson Linda Evans ALTERNATIVES: As this action is required by Authority -established bylaws, staff does not recommend an alternative. Report prepared by: Teresa Thompson, Deputy City Clerk Report approved for submission by: Susan Maysels, City Clerk 71