06/19/2001 RA RPT 04 - Laserfiche WebLink

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CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: June 19, 2001 Item No.: 4 Subject: Request for Approval of Resolution to Find that Fiscal Year 2002 Planning and Administrative Costs from the Redcvelopment Agency's Low and Moderate Income Housing Funds are Necessary for the Production, Improvement or Preservation of Low and Moderate Income Housing in the City of Riverside. Background: In accordance with State Health and Safety Code Section 33334.3 (d), redevelopmerit agencies may use a portion of moneys from the Low and Moderate Income Housing Funds to provide planning and general administrative costs. The Agency must determine annually that the planning and administrative expenses are necessary for the production. improvement, or preservation of low- and moderate-income housing. Attached is a resolution to find that the fiscal year 2002 planning and administration costs are necessary for the production, improvement, or preservation of low- and moderate-income housing. For Fiscal Year 2002, the Agency has budgeted $196,100 for planning and general administration and will carry over projects totaling $2.477,890 for the production, improvement or preservation of low- and moderate-income housing. It is important to note that there is not a direct relationship between these costs. as many of the projects are multi-year. Fiscal Impact: There is no fiscal impact. Committee Action: Staff presented this item to the Finance Committee on June 11,200t. The Committee, with all three members present, concurred in the suggested recommendation and moved this item forward for consideration by the Agency Board. Recommendation: That the Redevelopmerit Agency: Approve the resolution finding that the planning and administrative expenses are necessary for the production, improvement. or preservation of low- and moderate-income housing.