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City Council and Housing <br /> [VER,SIDE <br /> . p <br /> Authority Memorandum <br /> TO: HONORABLE MAYOR, CITY COUNCIL AND DATE: September 11, 2012 <br /> HOUSING AUTHORITY COMMISSIONERS <br /> FROM: COMMUNITY DEVELOPMENT DEPARTMENT ITEM NO: 15 <br /> DEVELOPMENT DIVISION <br /> WARD: ALL <br /> SUBJECT: HOUSING AUTHORITY OF THE CITY OF RIVERSIDE UPDATE — FUNDS <br /> TRANSFER <br /> ISSUES: <br /> The issues before the Housing Authority are to receive an update on the Housing Authority of the <br /> City of Riverside (Authority)and to recommend that the City Council and Authority approve a loan of <br /> Urban Development Action Grant (UDAG) program income to fund the Authority's FY 2012-13 <br /> operating budget. <br /> RECOMMENDATIONS: <br /> That the Housing Authority receive an update on the Authority. <br /> That the Housing Authority and City Council: <br /> 1) Approve the drawdown of UDAG program income and authorize the transfer of funds to fund <br /> the Authority's FY 2012-13 operating budget; and <br /> 2) Authorize preparation and execution by the City Manager and Executive Director, or <br /> designees, respectively, of a Loan Agreement between the Authority and City for the <br /> repayment of UDAG funds. <br /> COMMITTEE RECOMMENDATION: <br /> On July 19, 2012, the Development Committee (Chair Gardner, Vice Chair Adams, and Member <br /> Mac Arthur) received a an update on the Housing Authority of the City of Riverside and <br /> recommended the City Council and Authority approve the loan of UDAG program income to fund <br /> the Authority's FY 2012-13 operating budget. <br /> BACKGROUND: <br /> On November 7, 2006, the City Council adopted Resolution 21275, which established the Authority. <br /> The purpose of the Authority is to provide affordable housing opportunities through a variety of <br /> 15-1 <br />