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HomeMy WebLinkAbout10-02-2012 c1 affordable housing fund requestmeeting Dat e 10-2-1 2 Item Number Cl. counci l 'agenda Report C I T Y O F S A N L U I S O B I S P O FROM : Derek Johnson, Community Development Directo r Prepared By : Tyler Corey, Housing Programs Manage r SUBJECT :AFFORDABLE HOUSING AWARD FOR THE SAN LUIS OBISP O COUNTY HOUSING TRUST FUND . RECOMMENDATION Adopt a resolution approving an Affordable Housing Fund award in the amount of $30,000 fo r the San Luis Obispo County Housing Trust Fund . DISCUSSIO N Backgroun d The Affordable Housing Fund (AHF) has been developed through implementation of the City's Inclusionary Housing Ordinance . The ordinance allows for a fee to be paid "in-lieu" of th e • provision of required affordable housing units and the funds are placed in the AHF . The City then uses those fees in a variety of ways to make more affordable housing available in th e community . These funds are awarded at the Council's sole discretion, based on previousl y adopted criteria (Attachment 1, Council Resolution No . 9263). Requests for AHF support ar e evaluated by staff and forwarded to the City Council for consideration, either concurrent with th e annual Community Development Block Grant process, or as stand-alone proposals such as th e current request. Overview of Current AHF Reques t The San Luis Obispo County Housing Trust Fund (HTF) has requested $30,000 to suppor t operating expenses for 2012 (Attachment 2). The HTF provides three key services that benefi t affordable housing in the City of San Luis Obispo : 1) financing, 2) technical assistance and 3 ) advocacy. The HTF provides funding for affordable housing projects, including propert y acquisition, construction, and refinancing . HTF staff also serves as a resource to City staff working with developers on affordable housing projects . HTF's Executive Director, Jerry Rioux , maintains a high profile in the community as an advocate for affordable housing projects, an d serves on the Workforce Housing Coalition Board . Recent HTF Project s Since 2005, the HTF has provided nearly $8 .4 million in financing for affordable housin g projects county-wide, contributing to the creation or preservation of 229 affordable dwellin g units . More than $2 million or nearly 25% of the total was loaned for projects in the City of San • Luis Obispo . The HTF was instrumental in facilitating the property acquisition component of th e Village at Broad Street project, a 42-unit affordable housing project developed by ROEM Affordable Housing Fund Award (SLO County Housing Trust Fund)Page 2 •Corporation, with a $1 .3 million loan . The HTF has also lent $350,000 to HASLO to refinanc e the Marvin Gardens Apartments on Laurel Lane, helping to preserve that 24-unit affordabl e project . In August 2011, the HTF loaned $360,000 to the Tri-Counties Community Housing Corporatio n to acquire three extremely-low income affordable housing units occupied by individuals wit h developmental disabilities on Hathway . The property was in foreclosure because the owner , Sojourn Services, had gone bankrupt . The HTF, in collaboration with the City and county, i s arranging a stable permanent financing package for the project . In June 2012, the HTF committed a $400,000 loan to the South Street Family Apartments, a 43 - unit affordable rental apartment project proposed by ROEM Development Corporation . Thi s funding commitment was designed specifically to help the project be more competitive for ta x credits — a critical funding piece of this project's feasibility . The AHF has been used to help support the operating costs of the HTF over the past nine years , for a total of $210,000 . In support of the current request, the HTF's Executive Director ha s submitted supporting documentation regarding its budget, performance and overall financia l stability (Attachment 3). Award Criteri a In making its recommendations to the City Council for how AHF funds should be allocated, staf f considers Council adopted criteria including eligibility, need, suitability, timing, financia l effectiveness and readiness (Attachment 1, Council Resolution No . 9263). The following is a n analysis of the HTF request relative to the criteria . Eligibility :Use of the AHF for the requested purpose will increase or improve the City's affordable housing inventory and promote General Plan policies regarding housing, as follows : The HTF improves the ability and feasibility of affordable housing construction . Th e HTF indirectly supports creation of affordable housing units by providing financing an d technical assistance to City staff and developers of affordable housing in the City, an d HTF advocates for affordable housing projects, consistent with City policy . The propose d award is consistent with the General Plan (Housing Element Programs 2 .12 and 6 .13) and past practice . Need :There exists a substantial or overarching need for the type of unit to be assisted, a s follows : The City's Regional Housing Needs Allocation (RHNA) for the five-year period fro m January 2010 through December 2014 includes 185 units in the extremely-low incom e (<31% of AMI) category, 185 units in the very-low income (31-50% of AMI) category , 259 units in the low income (51-80% of AMI) category and 295 in the moderate incom e (81-120% of AMI) category . The HTF contributes to affordable housing at all of thes e income ranges and will assist the City in meeting State housing targets . • • Affordable Housing Fund Award (SLO County Housing Trust Fund)Page 3 • Suitability : The project to be assisted is appropriate for its location both in terms of land us e and design, as follows : This criterion is evaluated when HTF-funded affordable housing projects are proposed i n the City and for any project that receives an AHF grant . Timing :The project would better serve the City's needs if it were built immediately as oppose d to later, as follows : Funding should be provided now so that the HTF has adequate funds to cover operatin g expenditures during the 2012 fiscal year and can continue to assist affordable housin g project construction . The City's citizens would be better served with HTF's assistanc e now rather than later . Financial Effectiveness :But for the requested funding, the project would not be economicall y feasible ; or AHF funding "leverages" significant additional funding from other sources, a s follows : The City's AHF award would leverage significant additional funding from other sources . As shown in Attachment 2, the top twenty contributors to the HTF have provided ove r $5 .1 million in operating support and equity for new loans since 2003 . • Readiness :The project has all necessary City approvals and is ready to proceed, as follows : The HTF has been contributing to the cause of affordable housing in San Luis Obisp o County since 2003 and the proposed AHF award will help the HTF fulfill their mission and is supported by the General Plan . Status of the Affordable Housing Fun d A status report on the AHF is attached (Attachment 4). The report indicates that if the propose d allocation is approved by Council, the fund will retain $1,084,800 to allocate to future affordabl e housing projects . Current Requests/Proposed Allocations AHF Available Balance $1,114,80 0 SLO County Housing Trust Fund $30,000 Net Available for New Programs if Current Request Approved $1,084,800 Staff is recommending funding of the current request and the attached resolution (Attachment 5 ) recommends funding for a total of $30,000 . The proposed funding amounts to approximatel y 3% of the funds currently available balance to be allocated to new projects . Based on approximately one month of building permit activity, this amount of funding will be restored t o • the AHF . Affordable Housing Fund Award (SLO County Housing Trust Fund) Page 4 • FISCAL IMPAC T The recommended allocation would be paid out of the AHF, which consists of in-lieu fee s collected under the City's Inclusionary Housing Ordinance . The fund may only be used fo r projects or purposes that create or support affordable housing within the City of San Lui s Obispo . Based on prior expenditures and pending commitments, there will be a balance o f $1,084,800 remaining in the AHF after this award. The project award will have no impact on th e General Fund . ALTERNATIVE S 1.Do not authorize an AHF award . This action is not recommended because the awar d appears to meet the criteria for AHF assistance and is consistent with the Housin g Element of the General Plan . 2. Approve an AHF award for a different amount . The City Council can approve an awar d for a different amount than the recommendation . 3.Continue consideration of the proposed award . The City Council can direct staff t o return with additional information regarding the funding request so that a final decisio n on the award amount can be made . ATTACHMENT S 1. Council Resolution No . 926 3 2. HTF funding request and background informatio n 3. HTF budget, performance documentation and financial statement s 4. Affordable Housing Fund Status Repor t 5. Draft Council Resolutio n T:\Council Agenda Reports \2012\2012-10-02\Affordable Housing Fund Request (Housing Trust Fund) (Johnson-Corey)\HTF CAR .docx • • 9 • •0 Attachment 1 RESOLUTION NO . 9263 (2001 Series ) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO ESTABLISHING AWARD CRITERIA AND A REVIEW PROCESS FO R ALLOCATING AFFORDABLE HOUSING FUNDS . WHEREAS, the City Council adopted Ordinance 1348 (1999 Series) establishin g an Affordable Housing Fund for the collection and distribution of in-lieu housing fees t o promote affordable housing in San Luis Obispo ; and WHEREAS, as a result of the in-lieu fee payments to the City under th e Inclusionary Housing Ordinance, the City has a balance of approximately $400,000 in th e Affordable Housing Fund, and this fund is available to support affordable housing in Sa n Luis Obispo at the sole discretion of the City Council ; an d WHEREAS, the City received requests by Judson Terrace Lodge and Sojour n Services, Inc . for the use of $215,000 and $25,000, respectively, of Affordable Housin g Funds ; and to evaluate these and future funding requests in a fair and timely manner , Council wishes to establish award criteria and a review process for the Affordable Housin g Fund ; and WHEREAS, the City Council held a meeting on December 4, 2001 to conside r possible award criteria that balance the need to provide a fair, open and timely fundin g award process with the desire to maintain funding flexibility to address local housing need s and opportunities ; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Lui s Obispo that based on its deliberations, public comments, the staff report, and on State law , the following : SECTION 1. Affordable Housing Fund Award Criteria .The City Counci l establishes the following criteria for evaluating requests for use of the Affordable Housin g Fund: 1.Eligibility.Use of the Affordable Housing Fund (AHF) for the requeste d purpose will increase or improve the City's affordable housing inventory an d promote General Plan policies regarding housing . 2.Need. There exists a substantial or overarching need for the type of housing to b e assisted . 3.Suitability. The project to be assisted is appropriate for its location, both i n terms of land use and design. 4.Timing. The project would be better serve the City's needs if it were buil t immediately as opposed to later . R 926 3 C1-5 N Attachment 1 Resolution No . 9263 (2001 Series ) Page 2 5.Financial Effectiveness . But for the requested assistance, the project would no t be economically feasible ; or AHF funding "leverages" significant additional fundin g from other sources . 6.Readiness . The project has all necessary City approvals and is ready to proceed . SECTION 2. Use of Award Criteria.The Council will apply the above criteri a when evaluating funding requests . Requests that most closely meet the criteria will be give n the most favorable consideration in allocating Affordable Housing Funds . Under no circumstances is Council obligated to award Affordable Housing Funds . The decision whether to allocate funds and how much is at the sole discreton of the City Council whos e decision is final . SECTION 3 . Review Process . The Community Development Director shall be responsible for processing requests for use of Affordable Housing Funds . Such requests shall usually be considered concurrent with review of the City's Community Developmen t Block Grant Program . The Director is authorized to bring urgent funding requests to th e Council at any time, irrespective of the above review cycle . SECTION 4 . Funding Agreements.Recipients of Affordable Housing Fund s shall be required to execute an agreement with the City describing the purpose and terms o f funding . The project or program to be funded shall meet the City's Affordable Housin g Standards, including the requirement for an affordability term of at least thirty (30) years , and City equity participation in the project where feasible and appropriate . The City Administrative Officer is authorized to execute such agreements for the City . Upon motion of Council Member Schwartz, seconded by Vice Mayor Marx, and on th e following roll call vote : AYES : Council Members Ewan, Mulholland, Schwartz, Vice Mayor Marc , and Mayor Settl e NOES : None ABSENT : None • • The foregoing resolution was adopted this 4th day of December 200 1 Lee Price, City Clerk Mayor Allen Settle • Attachment 1 • • Resolution No . 9263 (200Series) Page 3 APPROVED AS TO FORM : • SAN • L U[ S• O B I S P O •COUNT Y Attachment 2 HOUSNG TRUST FUND 'NOOSING FOR ALL ' August 14, 201 2 Tyler Core y Housing Programs Manage r City of San Luis Obispo 919 Palm Stree t San Luis Obispo, CA 9340 1 Dear Mr . Tyler : Thank you for supporting the San Luis Obispo County Housing Trust Fund (HTF) and partici- pating on our loan committee . The City of San Luis Obispo has been one of the HTF's stronges t and most consistent supporters . I am writing to request that the City award an additional $30,000 in housing in-lieu funds to th e HTF . The requested funds will ensure our continued operations and enable us to provide mor e financing and technical assistance for affordable housing in the City of San Luis Obispo . Our request represents 10% of our adopted operating budget for calendar year 2012 .1 Just like the city, our budget is divided into various funds and our operating budget is tight . While we currently have more than $3 .6 million available to finance new housing projects, thes e funds cannot be used for our operating costs . Our adopted operating budget for 2012 i s $300,000, which is the same as it was in 2011 . We budgeted 29% of our income from loca l government grants and 8% from private sector grants . The balance or 63% is from our loan fun d earnings . Unfortunately all of our actual revenues are lower than expected . We reduced ou r expenses significantly and still face an operating deficit for 2012 . If this request is approved, w e estimate that our operating deficit will be reduced to $15,000 . We have sufficient reserves t o absorb this amount if needed. Financin g The HTF was created to provide short-term or gap financing for affordable housing projects tha t include units for very low, low and/or moderate income households . Our revolving loan fund s currently have $7 .5 million including $3 .6 million in private investments and $3 .9 million i n grants and contributions . Since 2005, the HTF has provided $8 .4 million in financing to creat e or preserve 229 units of affordable housing throughout San Luis Obispo County . • • • The County contributed $40,161 from its general fund to our operating budget this year . 2 We have received nearly $625,000 in restricted grants for our loan fund so far this year . 71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www .slochtf.orq t^ 1 R Attachment 2 Tyler Core y • August 14, 201 2 Page 2 of 3 More than $2 million or nearly 25% of our total was loaned for projects in the City of San Lui s Obispo . The Village at Broad Street received one of our largest loans – $1 .3 million for sit e acquisition and predevelopment expenses . We loaned $350,000 to refinance a balloon payment on Marvin Gardens and provide HASLO time to restructure the project and buy out the tax credi t investor. We also made an emergency loan of $360,000 last year to the Tri-Counties Community Housin g Corporation. This loan allowed them to buy three units at a trustees sale . These units are on Hathway and are occupied by individuals with developmental disabilities . The property was i n foreclosure because the owner, Sojourn Services, had gone bankrupt . We have been workin g with Tri-Counties and both city and county staff to arrange a stable permanent financing packag e for the project . We anticipate providing a small longer term loan to fill the gap even though w e generally only lend for up to five years . In June, we committed a $400,000 loan for the South Street Family Apartments . This was a new product that we designed specifically to help projects be more competitive for tax credits . I t has a 17 year term, 4% interest rate and very flexible repayment terms . As the amount of grant funds in our revolving loan fund increased, we felt that we could lend some for a longer tim e provided that the social benefits were sufficient . At this time, we have funds available for new loans and hope to finance more projects in the Cit y of San Luis Obispo . Technical Assistanc e Providing technical assistance to support both individual housing projects, and housing program s and policies is another important activity of the HTF . We have provided, and will continue t o provide, technical assistance to HASLO, Habitat for Humanity and various human servic e groups, including the Women's Shelter Program, Transitions-Mental Health Association an d Family Care Network, to increase their capacity to undertake housing projects . While thes e efforts have been county-wide in scope, they should result in more affordable housing in Sa n Luis Obispo over time . We also provide technical assistance to private developers concernin g the potential to include affordable housing in future projects . We also provide technical assistance to local governments . Over the past year, we have helpe d city staff on your affordable housing guidelines, including options for modifying the sales pric e limits in light of the housing crash . We also advised them on monitoring affordable units t o ensure that the owners comply with the program requirements . We have also discusse d developing operating policies and procedures for your affordable housing fund . We will b e happy to provide additional assistance in these or other areas in the future . • Various documents are enclosed with this request, including our board and commission (loa n committee) rosters, our 2012 budget, our sources of operating support and lending capital, ou r loans to date, and various financial statements . Our 2011 audit is currently in process and will b e • C1-9 Attachment 2 Tyler Corey August 14, 201 2 Page 3 of 3 forwarded as soon as it is accepted by our board . Please let me know if you need any additiona l information or material to consider this request. We look forward to continue working with you and the City of San Luis Obispo in the future . Sincerely , Gerald L . Riou x Executive Director Enclosures X :\Funding\Government\ SLO\SLO City\SLO 2012 request .doc • • • C1-10 2012 and 2011 Operating Budget s The Board of Directors for the San Luis Obispo County Housing Trust Fund adopts operating budget s for each calendar year . The 2012 Operating Budget was adopted by the Board at its December 16, 201 1 meeting . The adopted 2011 Budget is shown for comparison . 2012 Budge t Percent 2011 Budge t Percent Income 'Income of Total Income of Tota l Government Grants $87,000 29 .0%$92,000 30 .7% Private Contributions $24,000 8 .0%$35,000 11 .7 % Loan Fund Earning (Interest & Fees) -$189,000 63 .0%$173,000 57 .7 % Total Income $300,000 100 .0%$300,000 100 .0% 2012 Budge t Percent 2011 Budge t Percent Expenses of Total Expenses of Total $166,138 55 .4%$155,023 51 .7 % $35,900 12 .0%$42,500 14 .2 % $11,400 3 .8%$12,000 4 .0 % $15,937 5 .3%$11,994 4 .0 % $55,625 18 .5%$63,483 21 .2 % $15,000 5 .0%$15,000 5 .0 % $300,000 100 .0%$300,000 100 .0% 12-23-1 1 • Income only includes grants and contributions to support our operations . It does not include grants and contributions to ou r loan funds, such as the CDFI Fund or George Moylan Affordable Housing Fund . 71 Zaca Lane, Suite 130,San Luis Obispo, CA 93401 (805) 543-5970 www .slochtf.ort 1-11 S AN•L U I S•O B I_S .,_P O+CO U NT Y -'HOUSING FOR ALL "-- Attachment 2 • Expense s Salaries & Benefit s Legal, Accounting & Professional Services Rent & Utilitie s Operating Expense s Loan Fund Expenses (Interest & Fees ) Operating Contingencie s Total Expenses Board of Directors Attachment 2 'HOUSING FOR ALL '-- • The Board of Directors for the San Luis Obispo County Housing Trust Fund has seven members . Th e names, offices and affiliations of the current Directors are : Board Member and Office Affiliatio n San Luis Obispo County Superintendent of School s Architect and Principal, RRM Design Grou p President, Estrella Associates, Inc . (local developer and home builder ) Executive Director, Women's Shelter Progra m Commercial Lending Group Manager, Heritage Oaks Ban k Dean, College of Architecture and Environmental Design , Cal Poly Universit y Affiliations are provided for information only . Rev 7-201 2 Dr . Julian Crocker, Chai r Leonard J . Grant, AIA, Vice Chai r Dick Willhoit, Treasure r Marianne Kennedy, Secretar y Clarence Cabrero s R . Thomas "Tom" Jones, AIA • 71 Zaca Lane, Suite 130,San Luis Obispo, CA 93401 (805)543-5970 •www.slochtf .o r (`91-17 1 S.,_!O BI S ,P O•C O U N T Y Attachment 2 HOUSING TRUST FUN D-'HOUSING FOR ALL '- Housing Trust Fund Commissio n The Commission serves as the loan committee for the San Luis Obispo County Housing Trust Fund .A majority of the Commissioners are appointed by local governments that provide financial support for th e Housing Trust Fund . The current Commissioners, their appointing authorities and positions are : Commissioner Appointing Authority Position/Affiliatio n Tyler Core y Nick Gilman Kelly Heffernon Joe Hoeflic h George Leag e Ken Litzinge r Phyllis Molinar John Stocksdal e Morgan Torell City of San Luis Obispo City of Paso Roble s City of Arroyo Grande Supportive Housing Consortiu m City of Mono Bay Housing Trust Fund Boar d City of Grover Beac h City of Pismo Beac h County of San Luis Obispo Housing Programs Manage r City Council Membe r Associate Planne r Services and Supports Manager, Tri-Countie s Regional Cente r City Council Membe r Chief Financial Officer, Housing Authority o f the City of San Luis Obisp o City Council Membe r Retired Banke r Planner III, Housing & Economic Developmen t Rev 8-10-1 2 71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 ♦(805) 543-5970 ♦www .slochtf.or C g1-13 • SAN LUIS•08ISP0•C0UN T HOU Attachment 2 , M.JSI"FUN D Loan Production Repor t The San Luis Obispo County Housing Trust Fund loan production is summarized below : Borrower and Loan Number of Units Assisted ' Location of Project Amount Total VLI LI Mod SN 2 Use of Fund s Family Care Network, Inc .,$283,300 5 5 0 0 5 Acquisition of transitional housin g Arroyo Grande for foster care youth . San Luis Obispo Non-Profit $700,000 19 6 13 0 6 New construction rental housing fo r Housing Corp ., Atascadero seniors . Habitat for Humanity,$339,000 4 4 0 0 0 Site acquisition for owner-builde r Atascadero project . Family Care Network, Inc .,$700,000 4 4 0 0 4 Acquisition of transitional housing Atascadero for foster care youth . HASLO, Arroyo Grande $285,000 1 0 1 0 0 Preservation of affordable unit at ris k of foreclosure.' Laurel Creek Apartments, LP,$350,000 24 8 16 0 24 Preservation of apartments fo r San Luis Obispo seniors and the disabled . Village at Broad Street, LP,$1,300,000 42 31 11 0 2 Land acquisition and predevelop - San Luis Obispo ment for new family apartments . Edna Islay Housing Corpora-$800,000 81 28 53 0 5 Predevelopment costs and permit s tion, Paso Robles4 and fees for new family apartments . Oak Leaf Homes, Peoples'$1,400,000 34 4 30 0 0 Acquisition of finished lots fo r Self-Help, Nipomo owner-builder project . Women's Shelter Program,$720,000 4 4 0 0 4 Acquisition of transitional housing Grover Beach for victims of domestic violence . W2M LLC, Atascadero $700,000 4 0 0 4 0 Acquisition and completion o f unfinished foreclosed projec t Tri-Counties Community $360,000 3 3 0 0 3 Preservation of units for individual s Housing, San Luis Obispo with developmental disabilities . Tri-Counties Community $346,500 4 4 0 0 4 Acquisition of home to be converte d Housing, Nipomo to a residential care facility . Totals $8,283,800 229 101 124 4 5 7 Percentages 100%44%54% 2%25% Rev 6/15/1 2 ' Very low income (VLI) are households that earn up to 50% of area median income (AMI); low income (LI) earn 51% t o 80% of AMI ; moderate income (Mod) earn 81% to 120% of AMI ; special needs (SN) are households with special needs . Our income limits are online at www .slochtf org/files/income-limits .pdf Our defmition of households with special needs i s online at www .slochtf.org/files/special-needs .pdf 2 Includes units that are fully accessible, but may not be occupied by individuals who are handicapped . The unit is currently occupied by a low income household under a lease-purchase agreement . ' Two separate approvals : $300,000 in Nov . 2009 for predevelopment costs and $500,000 in June 2010 for permits and fees . 71 Zaca Lane, Suite 130,San Luis Obispo,CA 93401 (805)543-5970 www .slochtf.q _14 S AN • L U IS • O B ISP O•C O U N T Y Attachment 2 Top Contributor s Since incorporating February 27, 2003, the San Luis Obispo County Housing Trust Fund (HTF) ha s received $5 .4 million in grants and contributions to support our operations and revolving loan funds . These grants and contributions came from many different sources, including the US Treasury, State o f California, County of San Luis Obispo, every city in the county, the real estate and banking industries , and others in our broad community.l The following table lists our 20 top contributors and the totals of their support to date .2 HOUSING TRUST FUND-'-'--°HOUSING FOR ALL '-"" Rank Source of Loan Funds 1 CDFI Fund of the US Treasury3 2 California Department of Housing and Community Developmen t3 3 County of San Luis Obisp o 4 City of San Luis Obispo 5 California Association of Realtors 3 6 Bank of America • 7 Rabobank4 8 Community Action Partners (formerly EOC ) 9 Union Bank of California 10 City of Grover Beac h 11 City of Atascader o 12 City of Arroyo Grande 13 City of Paso Roble s 14 City of Pismo Beac h 15 Create Jobs for USA initiative (Starbucks ) 16 Housing Authority of the City of San Luis Obispo (HASLO ) 17 US Bank (formerly Downey Savings ) 18 San Luis Obispo County Community Foundatio n 19 Heritage Oaks Bank3 20 United Way of San Luis Obispo County Grants $2,200,00 0 1,500,000 645,28 7 180,200 125,000 87,500 50,75 0 50,000 45,00 0 45,000 42,000 40,000 32,500 31,00 0 20,02 5 20,00 0 17,000 15,200 14,72 1 11,91 3 Rev 8-10-1 2 • 'In addition to these grants, we have received over $3 .5 million in private investments in our revolving loan funds, includin g $1 .1 million from Rabobank, $1 million from Mission Community Bank and $750,000 from Catholic Healthcare West . 2 Includes commitments that have not yet been received . 3 Grants of loan fund capital exclusively . 4 Grants for operating support as well as loan fund capital . Rabobank and Mission Community Bank are also major investor s in our revolving loan funds . 71 Zaca Lane, Suite 130,San Luis Obispo,CA 93401 (805)543-5970 www .slochtf .orp,1-1 .ri Attachment 3 Sources of Lending Capita l The San Luis Obispo County Housing Trust Fund (HTF) is a Community Development Financia l Institution (CDFI) that provides financing and technical assistance to increase the supply of affordabl e housing in our community . We have nearly $7 .5 million in revolving loan funds to fmance affordabl e housing projects . Our loan funds include a combination of private investments and contributions, and government grants . We have $3 .6 million in social or community investments from banks,'foundations, religious communi- ties and Dignity Health,2 which owns three local hospitals . We now have more than $3 .9 million i n equity or net assets that are dedicated for lending . These include grants and commitments of $2 .2 million from the US Treasury and $1 .5 million from the State of California . Loan Fund Investments Term Amoun t Mission Community Bank 2 .25% for 10 years $1,000,000 Rabobank 2 .25% for 10 years 1,000,000 Dignity Health (two investments)3% for 5 years 750,000 Erich and . Hannah Sachs Foundation 3% for 5 years 200,000 Seton Enablement Fund (two investments)3 3% for 5 years 179,05 6 Religious Communities Investment Fund (two investments)3% for 5 years 150,000 San Luis Obispo County Community Foundation 3% for 5 years 100,000 • Adrian Dominican Sisters 3% for 5 years 65,000 Sisters of St . Francis of Philadelphia 3% for 5 years 50,000 Adrian Dominican Sisters 2% for 5 years 35,000 Sinsinawa Dominicans 3% for 3 years 30,000 Sisters of the Sorrowful Mother 2% for 5 years 25,000 Total Loan Fund Investments $3,584,05 6 Loan Fund Equity (Grants & Donations)Amount CDFI Fund of the US Treasury 4 $2,200,00 0 State of California, Local Housing Trust Fund Matching Grant Program (LHTF)3 1,500,00 0 California Association of Realtors 125,00 0 George Moylan Affordable Housing Fund 5 $88,174 Create Jobs for USA initiative (Starbucks)6 $20,02 5 Total Loan Fund Equity $3,933,19 9 Total Lending Capital $7,517,255 Rev 8/10/1 2 Mission and Rabobank have provided $1 million revolving lines of credit which are drawn down as they are used for loans . 2 Formerly Catholic Healthcare West. Amortizing loans . 4 Awarded but not yet funded in part or in full . s The Moylan Fund was established to honor one of our founding directors . More than 300 individuals, organizations and firms hav e contributed directly or indirectly to the Moylan Fund . For more info, go to www .slochtf org/movlan-fund.htm . 6 Administered by the Opportunity Finance Network -www.opportunitvfinance.net/financina/default .aspx?id=5736 . 71 Zaca Lane, Suite 130,San Luis Obispo, CA 93401 1 (805)543-5970 ♦www .slochtf.oua;,_1 6 SAN •LUIS • O B I S P O •COUNT Y • • 10 :51 AM 08/08/1 2 Accrual Basi s • • • San Luis Obispo County Housing Trust Fund Attachment 3 Balance Shee t As of July 31,2012 Jul 31, 1 2 ASSETS Current Assets Checking/Saving s 1-Operating Account s Coast National Bank 250,000 .0 0 MCB Cking # 1514547 1 .0 0 MCB Operating Checking -040 692,688 .3 7 Coast Hills Acct -3640 5 .0 0 Coast Hills Acct -3657 1,002,704.8 8 Total 1-Operating Accounts 1,945,399 .2 5 2-Loan Fund Accounts Loan Collection - 705 328,233 .7 9 Loan Disbursement - 691 12,870 .8 2 Total 2-Loan Fund Accounts 341,104 .6 1 Total Checking/Savings 2,286,503 .8 6 Other Current Asset s Misc. Receivable - MCSC 1,539 .1 7 Prepaid Insurance - D & 0 578 .3 6 Prepaid Insurance - Liability 435 .5 6 Prepaid Rent 860 .0 0 Prepaid Workers' Comp Ins 953 .9 0 Total Other Current Assets 4,366 .9 9 Total Current Assets 2,290,870 .8 5 Other Assets Interest Receivabl e Loan 5001 - FCN 612 .8 5 Loan 5002 -SLONP Housing 989 .6 0 Loan 5005 - HASLO 1,227 .0 8 Loan 5006 -Laurel Creek Apts 703 .54 Loan 5008 -Edna Islay 6,477 .8 1 Loan 5012 -Tri-Counties CHC 3,217 .6 9 Loan 5013 - Tri-Counties CHC 1,588 .1 2 Total Interest Receivable 14,816 .69 Notes/loans receivables Loan 5001 - Family Care Network 158,917 .3 3 Loan 5002 - SLONP Housing 270,399 .0 3 Loan 5005 -HASLO Loan 285,000 .0 0 Loan 5006 -Laurel Creek Apts 163,403 .5 7 Loan 5008 -Edna Islay 800,000 .0 0 Loan 5011 - W2M LLC 140,511 .5 7 Loan 5012 -Tri-Counties CHC 313,124 .3 4 Loan 5013 Tri-Counties -CHC 346,500.0 0 Total Notes/loans receivable s Total Other Asset s TOTAL ASSET S LIABILITIES &EQUITY Liabilities Current Liabilitie s Accounts Payabl e Accounts payable 3,701 .72 Total Accounts Payable 3,701 .72 Other Current Liabilitie s Accrued Interest Payabl e Accrued Interest - Adrian #2 243.7 5 Accrued Interest -Adrian #3 141 .7 9 Accrued Interest -Dignity 1,250.00 Accrued Interest - Dignity#2 1,414 .40 Page 1 C1-1 7 2,477,855 .84 2,492,672 .53 4,783,543 .38 San Luis Obispo County Housing Trust Fund Attachment 3 Balance Shee t As of July 31, 2012 Jul 31, 1 2 Accrued Interest - RCIF $125 K Accrued Interest - Sachs Foun d Accrued Interest - Seton Fund#2 Accrued Interest - Seton Fund#3 Accrued Interest - Sinsinaw a Accrued Interest -SS M Accrued Interest - St . Francis Accrued Interest - SLOCCF 312 .5 0 500 .0 0 212 .4 4 250 .0 0 75 .0 0 46 .4 2 500 .00 250 .00 Total Accrued Interest Payabl e Accrued Vacatio n Payroll & Payroll Taxes Payable 2100 . Payroll & PR Taxes Payable 2125 . United Way Payable 5,196 .3 0 7,628 .0 0 5,987 .09 30 .00 Total Payroll & Payroll Taxes Payable 6,017 .0 9 2350 •Unearned/deferred rev - other 75 .1 2 Total Other Current Liabilities 18,916 .5 1 Total Current Liabilities 22,618 .2 3 Long Term Liabilitie s NP Adrian Dom Sister #2 65,000 .0 0 NP Adrian Dom Sister #3 35,000 .00 NP Dignity Health 500,000 .00 NP Dignity Health#2 250,000 .00 NP Religious Communities-$125K 125,000 .00 NP Sachs Foundation 200,000 .00 NP Seton Fund #2 84,976 .32 NP Seton Fund #3 94,080 .00 NP Sinsinawa Dominicans 30,000 .00 •NP Sisters of Sorrowful Mother 25,000 .00 NP Sisters of St . Francis 50,000 .00 NP SLOCCF 100,000 .00 Total Long Term Liabilities 1,559,056 .32 Total Liabilities 1,581,674 .55 Equity 3100 . Restricted - Loan Fund 3101 . Realtor Fund 125,000.0 0 3102 - Moylan Fund 83,496.0 2 3103 . Create Jobs for USA 20,025.0 0 Total 3100 • Restricted - Loan Fund 228,521 .02 3200 • Temporarily Restricted Fund s 3201 • Local Housing Trust Fund (LHTF)1,030,000.0 0 3204 - CDFI Fund 1,600,000.0 0 Total 3200 -Temporarily Restricted Funds 2,630,000 .00 3300 • Board Designated Account s 3005 -Reserve for Loan Losses 120,000.0 0 3015 - Unrestricted Moylan Fund 4,678 .00 3025 - Operating Reserve 150,000.00 Total 3300 * Board Designated Accounts 274,678 .0 0 3500 . Unrestrict (retained earnings)84,138 .3 8 Net Income -15,468 .57 Total Equity 3,201,868 .8 3 TOTAL LIABILITIES & EQUITY 4,783,543 .38 • Page 2 C1-1 8 10 :51 A M 08/08/1 2 Accrual Basis • 10 :52 AM 0810811 2 Accrual Basis San Luis Obispo County Housing Trust Fund AttaChir 3 Profit & Loss Budget Performanc e July 201 2 Jul 12 Budget $ Over Budget Jan - Jul 12 YTD Budget $ Over Budget Annual Budget Ordinary Income/Expens e Income Contributed support 4010 - Individual Contributions (1,100.00)550 .00 4210 - Corporate/business grants 7,100.00 5,000 .00 2,100 .00 37,125 .00 20,000 .00 17,125 .00 24,000.0 0 4540 • Local government grants 0.00 5,000 .00 7,000 .00 (2,000 .00)87,000.0 0 Total Contributed support 6,000.00 5,000 .00 1,000 .00 42,675 .00 27,000 .00 15,675 .00 111,000 .0 0 Interest on Deposits 917.82 583 .00 334 .82 4,920 .71 4,085 .00 835 .71 7,000 .0 0 Interest on Loan s Loan Interest - 5001 FCN 612 .41 4,500 .77 Loan Interest -5002 SLONP 990 .40 7,331 .80 Loan Interest - 5005 HASLO 1,227.08 8,432 .3 3 Loan Interest - 5006 LCA 703.54 5,360 .1 4 Loan Interest - 5008 Edna Islay 3,788 .89 26,033 .34 Loan Interest - 5009 Peoples' S 0 .00 2,459 .74 Loan Interest - 5010 Glinda 0 .00 4,720 .00 Loan Interest - 5011 W2M LLC 722 .18 12,270 .1 8 Loan Interest-5012 -Tri-Co CHC 1,079 .72 7,404 .6 2 Loan Interest-5013 -Tri-Co CHC 1,599 .72 2,435 .1 2 Interest on Loans - Other 0 .00 11,667.00 (11,667 .00)0 .00 91,666 .00 (91,666 .00)160,000 .0 0 Total Interest on Loans 10,723 .94 11,667 .00 (943 .06)80,948 .04 91,666.00 (10,717 .96)160,000 .00 Loan Fees Incom e Loan Doc Fee Income 0 .00 300 .0 0 Loan Origination Fees Income 0 .00 5,015 .00 11,000 .00 (5,985 .00)22,000 .0 0 Total Loan Fees Income 0 .00 5,315 .00 11,000.00 (5,685 .00)22,000 .00 Total Income 17,641 .76 17,250 .00 391 .76 133,858 .75 133,751 .00 107 .75 300,000 .00 Expens e Loan Fund Expense s Interest Expense s Adrian Dominican Sisters #2 162 .50 1,137 .50 Adrian Dominican Sisters #3 58 .33 408 .3 1 Dignity Health 1,250 .00 8,750 .00 Dignity Health 2 625 .00 4,375 .00 Rabobank 0 .00 8.69 Religious Communities 312 .50 2,437 .50 Sachs Foundation 500 .00 3,500.00 Seton Enablement Fund 2 212 .44 1,555.54 Seton Enablement Fund 3 250 .00 1,750.00 Sinsinawa Dominicans 75 .00 525.00 Sisters of Sorrowful Mother 41 .66 291 .62 Sisters of St . Francis 125 .00 875.00 Attachment 3 10 :52 AM 08108/1 2 Accrual Basis San Luis Obispo County Housing Trust Fun d Profit & Loss Budget Performanc e July 201 2 Jul 12 Budget $ Over Budget Jan - Jul 12 YTD Budget $ Over Budget Annual Budget SLOCC F Interest Expenses - Other 250 .0 0 0 .00 3,925 .00 (3,925.00) 1,750 .0 0 0.00 27,475 .00 (27,475 .00)47,100.0 0 Total Interest Expenses 3,862 .43 3,925 .00 (62 .57)27 ;364 .16 27,475 .00 (110 .84)47,100 .00 Loan Origination Expens e MCDC Doc Prep Fees 300 .00 300 .0 0 Other Loan Origination Costs 0 .00 10 .0 0 Total Loan Origination Expense 300.00 310 .0 0 Loan Servicing Expense 395.69 710.00 (314 .31)4,027.83 4,975 .00 (947 .17)8,525 .0 0 Total Loan Fund Expenses 4,558 .12 4,635 .00 (76 .88)31,701 .99 32,450 .00 (748.01)55,625.0 0 Office Expense s Communications 275.50 157.00 118 .50 1,200.88 1,095.00 105 .88 1,880.0 0 Education and Training 0.00 200.00 (200 .00)240.00 600.00 (360 .00)1,700 .0 0 Insurance 289.74 290.00 (0 .26)2,028.18 2,027 .00 1 .18 3,477 .0 0 Mmbrships, Dues & Subscriptions 0.00 575.00 950 .00 (375 .00)1,325 .0 0 Other Expenses 66 .90 65 .00 1 .90 149.58 1,822 .00 (1,672 .42)2,147 .0 0 Printing & Postage 0.00 50 .00 (50 .00)254.12 350.00 (95 .88)600.0 0 Travel & Entertainment 522.26 508 .00 14 .26 3,174.75 2,308.00 866 .75 4,308.0 0 8110 . Supplies 151 .06 42 .00 109 .06 584.70 290.00 294 .70 500 .0 0 8210 .Occupancy 922 .86 950.00 (27 .14)6,500.94 6,650 .00 (149.06)11,400 .0 0 Total Office Expenses 2,228 .32 2,262 .00 (33 .68)14,708 .15 16,092 .00 (1,383.85)27,337 .0 0 Payroll Taxes/Employee Benefit s 6550 . Payroll Taxes 831 .09 5,964.84 7220 • Health Insurance 1,823 .48 12,600.9 9 7227 • Workers Comp Ins (226 .70)443.1 0 7230 •403B -Company Contribution 0.00 1,699.9 9 Payroll Taxes/Employee Benefits - Other 0.00 3,265 .00 (3,265 .00)0.00 22,853 .00 (22,853 .00)39,178 .0 0 Total Payroll Taxes/Employee Benefits 2,427 .87 3,265.00 (837 .13)20,708 .92 22,853 .00 (2,144 .08)39,178 .0 0 Penalties (50 .00)0 .00 Professional Service Expense s Legal & Accounting Services 1,428.60 7,863.00 (6,434 .40)6,684.31 16,065 .00 (9,380 .69)22,900.0 0 Professional Services 0.00 7,038.00 (7,038 .00)20.00 10,290 .00 (10,270 .00)13,000 .0 0 Total Professional Service Expenses .1,428 .60 14,901 .00 (13,472 .40)6,704 .31 26,355 .00 (19,650 .69)35,900 .0 0 6560 . Salary and Payroll Taxe s 6561 . Administrative Assistan t 6564 . Executive Director 2,221 .80 14,728 .9 5 6562• Wages-Gen Fund 7,641 .67 48,965 .27 6563 •Wages-CDFI 1,283 .33 11,809 .73 Total 6564 .Executive Director 8,925.00 60,775.00 .0 Page 2 C• Attachm•3 10 :52 A M 08/08/1 2 Accrual Basis San Luis Obispo County Housing Trust Fun d Profit &Loss Budget Performanc e July 201 2 Jul 12 Budget $Over Budget Jan - Jul 12 YTD Budget $ Over Budget Annual Budge t 6560 • Salary and Payroll Taxes - Other 0.00 10,580 .00 (10,580 .00)0 .00 74,060 .00 (74,060 .00)126,960 .00 Total 6560 .Salary and Payroll Taxes 11,146 .80 10,580 .00 566 .80 75,503.95 74,060 .00 1,443 .95 126,960 .00 Total Expense 21,739 .71 35,643 .00 (13,903 .29)149,327 .32 171,810 .00 (22,482 .68)285,000 .00 Net Ordinary Income (4,097 .95)(18,393 .00)14,295.05 (15,468 .57)(38,059 .00)22,590 .43 15,000 .00 Net Income (4,097 .95)(18,393 .00)14,295.05 (15,468 .57)(38,059 .00)22,590 .43 15,000 .00 8 :43 P M 01/13/1 2 Accrual Basis San Luis Obispo County Housing Trust Fund Attachment 3 Balance Shee t As of December 31, 2011 Dec 31, 1 1 ASSET S Current Assets Checking/Saving s 1-Operating Accounts MCB Cking # 1514547 1 .0 0 .Operating Checking - 040 497,919 .9 7 Total 1-Operating Accounts 497,920 .97 2-Loan Fund Accounts Loan Collection - 705 730,038 .6 0 Loan Disbursement - 691 4,622 .9 3 Total 2-Loan Fund Accounts 734,661 .53 Total Checking/Savings 1,232,582 .50 Other Current Asset s Receivable - Loan Collection 15 .42 Deposits on Account - Utilities 80 .00 Misc . Receivable - MCSC 2,245 .5 1 Prepaid Insurance - D & 0 1,590 .42 Prepaid Insurance - Liability 1,451 .68 Prepaid Rent 860 .00 Prepaid Workers' Comp Ins 832 .00 1299 . Undeposited Funds 3,509 .65 Total Other Current Assets 10,584 .68 Total Current Assets 1,243,167 .1 8 Other Assets Interest Receivable Loan 5001 -FCN 662 .3 1 Loan 5002 - SLONP Housing 1,167 .5 2 Loan 5005 - HASLO 1,227 .0 8 Loan 5006 - Laurel Creek Apts 878 .9 9 Loan 5008 - Edna Islay 2,811 .1 0 Loan 5009 -Peoples' Self Help 2,536 .0 8 Loan 5011 - W2M LLC 2,477 .3 8 Loan 5012 - Ti-Counties CHC 1,563 .9 9 Total Interest Receivable 13,324 .45 Notes/loans receivable s Loan 5001 - Family Care Network 180,972 .3 3 Loan 5002 - SLONP Housing 319,017 .6 2 Loan 5005 -HASLO Loan 285,000 .0 0 Loan 5006 - Laurel Creek Apts 204,151 .4 2 Loan 5008 -Edna Islay 800,000 .0 0 Loan 5009 -Peoples' Self Help 400,000 .0 0 Loan 5010 - Glinda Services 720,000 .0 0 Loan 5011 - W2M LLC 479,728 .8 9 Loan 5012 - TM-Counties CHC 312,007 .67 • • Total Notes/loans receivable s Total Other Assets 3,700,877 .93 3,714,202 .38 TOTAL ASSETS 4,957,369 .56 LIABILITIES &EQUITY Liabilitie s Current Liabilitie s Accounts Payabl e Accounts payable Total Accounts Payabl e Credit Cards Visa - 0252 Total Credit Cards 274 .4 3 104,411 .50 104,411 .50 274 .43 • Page 1 C1-22 8 :43 PM San Luis Obispo County Housing Trust Fund Attachment 3 01113112 Balance Shee t Accrual Basis As of December 31, 201 1 •Dec 31, 1 1 Other Current Liabilitie s Accrued Interest Payabl e Accrued Interest - Adrian #2 81 .2 5 Accrued Interest - Adrian #3 83 .48 Accrued Interest - CHCW 3,750 .00 Accrued Interest - CHCW#2 789 .40 Accrued Interest - RCIF $25K 62 .50 Accrued Interest - Seton Fund#2 705 .42 Accrued Interest - Seton Fund#3 750 .00 Accrued Interest - Sinsinawa 450 .00 Accrued Interest - SSM 4 .80 Accrued Interest - St . Francis 1,125 .00 Total Accrued Interest Payable 7,801 .8 5 Accrued Vacation 7,628 .0 0 Payroll & Payroll Taxes Payabl e 2100 • Payroll & PR Taxes Payable 5,697 .56 2125 • United Way Payable 10 .00 Total Payroll & Payroll Taxes Payable 5,707 .5 6 2350 .Unearned/deferred rev - other 151 .0 2 Total Other Current Liabilities 21,288 .4 3 Total Current Liabilities 125,974 .3 6 Long Term Liabilities NP Adrian Dom Sister #2 65,000 .0 0 NP Adrian Dom Sister #3 35,000 .0 0 NP Catholic HC West 500,000 .00 NP Catholic HC West #2 250,000 .00 NP Rabobank 5001 15,000 .00 NP Religious Communities-$125K 125,000 .00 NP Religious Communities - $25K 25,000 .00 NP Sachs Foundation 200,000 .00 NP Seton Fund #2 94,057 .8 0 NP Seton Fund #3 100,000 .00 NP Sinsinawa Dominicans 30,000 .00 NP Sisters of Sorrowful Mother 25,000 .0 0 NP Sisters of St . Francis 50,000 .0 0 NP SLOCCF 100,000 .0 0 Total Long Term Liabilities 1,614,057 .8 0 Total Liabilities 1,740,032 .1 6 Equity 3100 •Restricted - Loan Fund 3101 • Realtor Fund 125,000 .00 3102 . Moylan Fund 80,846 .02 Total 3100 • Restricted Loan Fund 205,846 .0 2 3200 •Temporarily Restricted Fund s 3201 . Local Housing Trust Fund (LHTF)1,030,000 .00 3204 • CDFI Fund 1,600,000 .00 Total 3200 • Temporarily Restricted Funds 2,630,000 .0 0 3300 • Board Designated Account s 3005 • Reserve for Loan Losses 120,000 .00 3015 .Unrestricted Moylan Fund 4,678 .00 3025 .Operating Reserve 150,000 .00 Total 3300 • Board Designated Accounts 274,678.0 0 3500 • Unrestrict (retained earnings)-1,592,858.8 9 Net Income 1,699,672.2 7 Total Equity 3,217,337.4 0 TOTAL LIABILITIES &EQUITY 4,957,369.56 Page 2 C1-2 3 • • Attachment 38:44 PM 01/13/1 2 Accrual Basis San Luis Obispo County Housing Trust Fun d Profit & Loss Budget Performanc e December 2011 Dec 11 Budget $Over Budget Jan - Dec 11 YTD Budget $ Over Budget Annual Budge t Ordinary Income/Expens eIncome Contributed support4010 -Individual Contributions 490.00 815 .004210 - Corporate/business grants 0.00 22,570 .40 35,000 .00 (12,429.60)35,000 .00 4520 -Federal grants 0.00 600,000 .00 4530 State grants 0.00 1,030,000 .00 4540 .Local government grants 30,000.00 18,400 .00 11,600 .00 92,161 .00 92,000 .00 161 .00 92,000 .00 Total Contributed support 30,490 .00 18,400 .00 12,090 .00 1,745,546 .40 127,000 .00 1,618,546 .40 127,000 .00 Interest on Deposits 255 .83 166 .67 89 .16 2,094 .44 2,000 .00 94 .44 2,000 .0 0 Interest on Loan s Loan Interest - 5001 FCN 662 .31 8,016 .5 4 Loan Interest-5002 SLONP 1,167.52 15,352 .49 Loan Interest -5005 HASLO 1,227.08 14,447 .88 Loan Interest - 5006 LCA 878 .98 11,925 .58 Loan Interest - 5008 Edna Islay '3,718 .65 44,540 .89 Loan Interest - 5009 Peoples' S 2,749 .97 72,538 .86 Loan Interest - 5010 Glinda 2,480 .00 23,280 .00 Loan Interest - 5011 W2M LLC 2,400 .02 12,864 .28 Loan Interest-5012-Tri-Co CHC 1,176 .81 3,363 .99 Miscellaneous Fee 0 .00 75 .00 Interest on Loans - Other 0 .00 14,250 .00 (14,250 .00)0 .00 171,000 .00 (171,000 .00)171,000 .00 Total Interest on Loans 16,461 .34 14,250 .00 2,211 .34 206,405 .51 171,000 .00 35,405 .51 171,000 .00 Loan Origination Fee 0 .00 13,525 .0 0 Total Income 47,207 .17 32,816 .67 14,390.50 1,967,571 .35 300,000 .00 1,667,571 .35 300,000 .00 Expens eLoan Fund Expenses Interest Expense sAdrian Dominican Sisters #2 162 .50 1,950.0 0 Adrian Dominican Sisters #3 58.33 699.9 6 Catholic Healthcare West 1,250.00 15,000.0 0 Catholic Healthcare West 2 625.00 7,500.0 0 Mission Community Bank 0.00 9,058.7 2 Rabobank 0.00 9,126.8 7 Religious Communities 375.00 4,500.0 0 Sachs Foundation 500.00 6,000.0 0 Seton Enablement Fund 0.00 (15 .86 ) Seton Enablement Fund 2 235.14 2,933.2 2 Seton Enablement Fund 3 250.00 3,000.0 0 Sinsinawa Dominicans 75 .00 450.0 0 Sisters of Sorrowful Mother 41 .66 499.92 Sisters of St . Francis 125 .00 1,500 .00 Interest Expenses - Other 0.00 4,606 .25 (4,606 .25)0 .00 55,275 .00 (55,275 .00)55,275 .00 Total Interest Expenses 3,697 .63 4,606 .25 (908 .62)62,202 .83 55,275 .00 6,927 .83 55,275 .00 • Page 1C • 8 :44 P M 01/13/1 2 Accrual Basis San Luis Obispo County Housing Trust Fund Attach m .3 Profit & Loss Budget Performanc e December 201 1 Dec 11 Budget $ Over Budget Jan - Dec 11 YTD Budget $ Over Budget Annual Budge t Loan Origination Expens e MCDC Doc Prep Fees 0 .00 900 .0 0 Other Loan Origination Costs 0 .00 105 .0 0 VERACheck Environ Reports 0 .00 145 .0 0 Loan Origination Expense -Other 0 .00 683 .91 (683 .91)0 .00 8,207 .00 (8,207 .00)8,207 .00 Total Loan Origination Expense 0 .00 683 .91 (683.91)1,150 .00 8,207 .00 (7,057 .00)8,207 .0 0 Loan Servicing Expense 869 .91 10,022 .7 9 Total Loan Fund Expenses 4,567 .54 5,290 .16 (722 .62)73,375 .62 63,482 .00 9,893 .62 63,482 .00 Office Expense s Communications 136 .81 181 .66 (44 .85)1,632 .43 2,180 .00 (547 .57)2,180 .0 0 Education and Training 0 .00 137 .50 (137 .50)1,445 .92 1,650 .00 (204 .08)1,650.0 0 Furnishings & Equipment 0 .00 544.7 4 Insurance 289 .74 186 .42 103 .32 2,386 .16 2,237 .00 149 .16 2,237.0 0 Mmbrships, Dues & Subscriptions 205 .00 72 .09 132 .91 1,105 .76 865 .00 240 .76 865.0 0 Other Expenses 40 .37 46 .25 (5 .88)333 .57 555 .00 (221 .43)555.0 0 Printing & Postage 44 .00 50 .00 (6 .00)1,544 .12 600 .00 944 .12 600.0 0 Travel Expenses 133 .37 275 .66 (142 .29)2,795.33 3,308 .00 (512 .67)3,308.0 0 8110 •Supplies 234 .06 50 .00 184 .06 1,050.17 600 .00 450 .17 600.0 0 8210 •Occupancy 672 .35 1,000 .00 (327 .65)10,447.25 12,000 .00 (1,552 .75)12,000 .0 0 Total Office Expenses 1,755 .70 1,999 .58 (243 .88)23,285 .45 23,995 .00 (709.55)23,995 .0 0 Payroll Taxes/Employee Benefit s Accrued Vacation (985 .79)(985 .79 ) 6550 •Payroll Taxes 932 .00 9,365 .99 7220 •Health Insurance 1,772 .26 '17,515 .86 7227 • Workers Comp Ins .109 .30 1,161 .6 1 7230 ' 403B -Company Contribution 404 .68 4,856 .1 6 Payroll TaxeslEmployee Benefits - Other 0 .00 3,004 .59 (3,004,59)0 .00 36,055 .00 (36 .055 .00)36,055 .00 Total Payroll Taxes/Employee Benefits 2,232 .45 3,004 .59 (772 .14)31,913 .83 36,055 .00 (4,141 .17)36,055 .0 0 Penalties 0 .00 40.0 0 Professional Service Expenses Legal & Accounting Services 1,568 .05 19,096 .1 0 Professional Service Expenses -Other 0 .00 8,500.00 (8,500 .00)0 .00 42,500.00 (42,500 .00)42,500 .00 Total Professional Service Expenses 1,568 .05 8,500 .00 (6,931 .95)19,096 .10 42,500 .00 (23,403 .90)42,500 .0 0 6560 'Salary and Payroll Taxe s 6561 ' Administrative Assistant 6564 • Executive Director . 1,980 .00 23,063 .44 6562 •Wages-Gen Fund 5,542 .33 44,507 .9 7 6563 •Wages-CDFI 2,551 .39 52,616 .67 Total 6564 • Executive Director 8,093.72 97,124 .64 Attachment 3 8 :44 P M 01/13/1 2 Accrual Basis San Luis Obispo County Housing Trust Fun d Profit & Loss Budget Performanc e December 201 1 Dec11 Budget $Over Budget Jan - Dec 11 YTD Budget $ Over Budget Annual Budge t 6560 •Salary and Payroll Taxes - Other 0 .00 9,914.00 (9,914 .00)0 .00 118,968 .00 (118,968.00)118,968 .00 Total 6560 - Salary and Payroll Taxes 10,073 .72 9,914 .00 159 .72 120,188 .08 118,968 .00 1,220 .08 118,968 .0 0 Total Expense 20,197 .46 28,708 .33 (8,510 .87)267,899 .08 285,000 .00 (17,100 .92)285,000 .00 Net Ordinary Income 27,009 .71 4,108 .34 22,901 .37 1,699,672 .27 15,000 .00 1,684, 672 .27 15,000 .00 Other Income/Expens e Other Expens e Operating Contingency 0 .00 1,250 .00 (1 .250 .00)0 .00 15,000 .00 (15,000 .00)15,000 .0 0 Total Other Expense 0 .00 1,250 .00 (t250.00)0 .00 15,000 .00 (15,000 .00)15,000 .0 0 Net Other Income 0 .00 (1,250 .00)1,250.00 0 .00 (15,000 .00)15,000 .00 (15,000 .00 ) Net Income 27,009 .71 2,858 .34 24,151 .37 1,699,672 .27 0 .00 1,699,672 .27 0 .0 0 .• Page 3 C . S AttachmO 4 Fiscal Status of Affordable Housing Fun d an dRevenues, Expenditures Changes in Fund Balance Revenues Expenditures Fund Balance Fiscal Year In-Lieu Fees Interest Rents BEGIN fund s reimbursement Total (Note 2)Beginning Endin g 2000-01 (Note 1)193,700 8,200 201,900 201,900 2001-02 464,900 20,000 484,900 201,900 686,800 2002-03 747,800 28,300 776,100 (215,000)686,800 1,247,90 0 2003-04 60,500 8,500 69,000 (30,000)1,247,900 1,286,900 2004-05 323,300 32,500 355,800 (30,000)1,286,900 1,612,700 2005-06 1,863,700 68,500 1,932,200 1,612,700 3,544,90 0 2006-07 627,200 160,500 787,700 (530,000)3,544,900 3,802,60 0 2007-08 682,400 155,600 838,000 (630,000)3,802,600 4,010,60 0 2008-09 465,700 199,700 1,400 666,800 (892,500)4,010,600 3,784,90 0 2009-10 (21,300)32,600 9,000 270,000 290,300 (3,407,600)3,784,900 667,60 0 2010-11 332,800 16,000 3,900 30,000 382,700 (39,800)667,600 1,010,50 0 2011-12 (unaudited)848,800 17,200 866,000 (112,700)1,010,500 1,763,80 0 201-13 year-to-date 1,000 1,000 1,763,800 1,764,80 0 Cumulative Total 1 6,590,500 747,600 14,300 300,000 1 7,652,400 (5,887,600)1 1,764,80 0 Commitments 313 South Stree t Total Commitment s Net Available for New Programs at August 10, 201 2 NOTES 1 . 2 . 2000-01 is the first year that in-lieu fees were received . Expenditure Summary To-Date Year Purpos e 2002-03 Judson Terrace Lodge Amount 215,00 0 2003-04 Operating Support: SLO County Housing Trust Fund 30,000 2004-05 Operating Support: SLO County Housing Trust Fund 30,00 0 2006-07 People's Self-Help Housing : Villas at South Higuera 500,00 0 2006-07 Operating Support: SLO County Housing Trust Fun d (Two-Year Commitment) ** 60,00 0 2007-08 Housing Authority, Humbert Project 600,000 (650,000 ) (650,000 ) $1,114,800 C1-2 7 Attachment 4 2008-09 2008-09 2008-0 9 2008-0 9 2008-0 9 2009-1 0 2009-1 0 2009-1 0 2009-1 0 2009-1 0 2009-1 0 2009-1 0 2009-1 0 2010-1 1 2010-1 1 2010-1 1 2011-1 2 2011-1 2 2011-1 2 2011-1 2 2011-12 First time home buyers' progra m Habitat for Humanit y SLO County Housing Trus t 3591 Sacramento #5 3 Laurel Creek BEGIN fund s Wineman hotel First time home buyers' program (refund ) Laurel Creek BEGIN fund s Housing Authority, Humbert Project * Aids Support Remode l Village at Broa d 3592/3594 Broad Stree t 3591 Sacramento #5 3 Housing Trust Fun d 3591 Sacramento #5 3 3592/3594 Broad Stree t 3591 Sacramento #5 3 3212 Rockvie w 3592/3594 Broad Stree t Judson Terrace Termite Repai r Housing Trust Fund 34,400 332,50 0 30,00 0 310,10 0 185,50 0 1,500,00 0 (9,300 ) 514,50 0 109,90 0 82,80 0 1,034,40 0 174,70 0 60 0 30,00 0 3,10 0 6,70 0 1,10 0 38,80 0 10 0 42,70 0 30,00 0 Total 5,887,60 0 * Originally allocated for North Chorro projec t ** $30,000 of these funds were disbursed in 2007-08 . • Attachment 5 RESOLUTION NO . XXXX-1 2 A RESOLUTION OF THE CITY COUNCI L OF THE CITY OF SAN LUIS OBISPO APPROVING A $30,000 AFFORDABLE HOUSING FUND (AHF) AWARD FOR THE SAN LUI S OBISPO COUNTY HOUSING TRUST FUND (HTF ) WHEREAS, the City Council of the City of San Luis Obispo met in the Counci l Chamber of City Hall, 990 Palm Street, San Luis Obispo, California, on October 2, 2012 for th e purpose of considering a request by the HTF for AHF assistance in the amount of $30,000 ; and WHEREAS, the $30,000 will allow the HTF to improve the ability and feasibility o f affordable housing project construction in the City ; and WHEREAS, the projects and programs supported by the HTF meet the eligibility criteri a established by the City Council ; and WHEREAS, Housing Element Program 6 .13 provides direction for the City to "continu e to support the SLO County Housing Trust Fund's efforts to provide below-market financing an d • technical assistance to affordable housing developers as a way to increase affordable housin g production in the City of San Luis Obispo"; an d WHEREAS, the City Council has duly considered all evidence, including the testimon y of the applicant, interested parties, and the evaluation and recommendations by staff presented a t said meeting . BE IT RESOLVED, by the City Council of the City of San Luis Obispo as follows : Section 1 . Findings .The City Council does hereby make the following findings i n support of the proposed Affordable Housing Fund award : 1 . Eligibility : Use of the AHF for the requested purpose will increase or improve the City's affordable housing inventory and promote General Plan policies regarding housing, a s follows : The HTF improves the ability and feasibility of affordable housing construction . The HTF indirectly supports creation of affordable housing units by providing financin g and technical assistance to City staff and developers of affordable housing in the City , and HTF advocates for affordable housing projects, consistent with City policy . The proposed award is consistent with the General Plan (Housing Element Programs 2 .1 2 and 6 .13) and past practice . • 2 .Need :There exists a substantial or overarching need for the type of unit to be assisted, a s follows : • C1-29 Attachment 5 The City's Regional Housing Needs Allocation (RHNA) for the five year period fro m January 2010 through December 2014 includes 185 units in the extremely-lo w income (<31% of AMI) category, 185 units in the very-low income (31-50% of AMI ) category, 259 units in the low income (51-80% of AMI) category and 295 in th e moderate income (81-120% of AMI) category . The HTF contributes to affordabl e housing at all of these income ranges and will assist the City in meeting State housin g targets . 3.Suitability :The project to be assisted is appropriate for its location both in terms of land us e and design, as follows : This criterion is evaluated when HTF-funded affordable housing projects ar e proposed in the City and for any project that receives an AHF grant . 4.Timing :The project would better serve the City's needs if it were built immediately as opposed to later, as follows : Funding should be provided now so that the HTF has adequate funds to cove r operating expenditures during the 2012 fiscal year and can continue to assis t affordable housing project construction . The City's citizens would be better serve d with HTF's assistance now rather than later . 5.Financial Effectiveness :But for the requested funding, the project would not b e economically feasible ; or AHF funding "leverages" significant additional funding from othe r sources, as follows : The City's AHF award would leverage significant additional funding from othe r sources . As shown in Attachment 2, the top twenty contributors to the HTF hav e provided over $5 .1 million in operating support and equity for new loans since 2003 . 6.Readiness :The project has all necessary City approvals and is ready to proceed, as follows : The HTF has been contributing to the cause of affordable housing in San Luis Obisp o County since 2003 and the proposed AHF award will help the HTF fulfill thei r mission and is supported by the General Plan . Section 2 . Affordable Housing Fund Award, SLO County Housing Trust Fund . The City Council does hereby approve an Affordable Housing Fund grant in the amount o f $30,000 to support operations . Upon motion of , seconded by , and on the following vote : AYES : NOES : ABSENT : • • • C 1-30 Attachment 5 • The foregoing resolution was passed and adopted this 2nd day of October, 2012 . Mayor Jan Mar x ATTEST : Maeve Kennedy Grime s City Clerk APPROVED AS TO FORM : J . Christine Dietric k City Attorney • • C1-31 S Page intentionally left 0 blank .