HomeMy WebLinkAbout11-19-2013 c3 affordable housing award
FROM: Derek Johnson, Community Development Director
Prepared By: Tyler Corey, Housing Programs Manager
SUBJECT: AFFORDABLE HOUSING AWARD FOR THE SAN LUIS OBISPO
COUNTY HOUSING TRUST FUND.
RECOMMENDATION
Adopt a resolution approving an Affordable Housing Fund award in the amount of $30,000 for
the San Luis Obispo County Housing Trust Fund.
DISCUSSION
Background
The Affordable Housing Fund (AHF) was established through the adoption of the City’s
Inclusionary Housing Ordinance. The ordinance allows for a fee to be paid “in-lieu” of the
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 the
community. Beginning this year, 5% of the funds collected will be used to offset administrative
costs related to administering housing programs. These funds are awarded at the Council’s sole
discretion, based on previously adopted criteria (Attachment 1, Council Resolution No. 9263).
Requests for AHF support are evaluated by staff and forwarded to the City Council for
consideration, either concurrent with the annual Community Development Block Grant process,
or as stand-alone proposals such as the current request.
Overview of Current AHF Request
The San Luis Obispo County Housing Trust Fund (HTF) has requested $30,000 to support
operating expenses for 2013 (Attachment 2). The HTF provides three key services that benefit
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 property
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, and
serves on the Workforce Housing Coalition Board.
Recent HTF Projects
Since 2005, the HTF has provided nearly $11 million in financing for affordable housing
projects county-wide, contributing to the creation or preservation of 332 affordable dwelling
units. More than $2 million or nearly 20% 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 the
Meeting Date
Item Number 11-19-13
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Affordable Housing Fund Award (SLO County Housing Trust Fund) Page 2
Village at Broad Street project, a 42-unit affordable housing project developed by ROEM
Corporation, with a $1.3 million loan. The HTF has also lent $350,000 to HASLO to refinance
the Marvin Gardens Apartments on Laurel Lane, helping to preserve that 24-unit affordable
project.
In August 2011, the HTF loaned $360,000 to the Tri-Counties Community Housing Corporation
to acquire three extremely-low income affordable housing units occupied by individuals with
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, is
arranging a stable permanent financing package for the project.
In June 2012, the HTF committed a $430,000 loan to the South Street Family Apartments, a 43-
unit affordable rental apartment project proposed by ROEM Development Corporation. This
funding commitment was designed specifically to help the project be more competitive for tax
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 10 years , for
a total of $240,000. In support of the current request, the HTF’s Executive Director has
submitted supporting documentation regarding its budget, performance and overall financial
stability (Attachment 3).
Award Criteria
In making its recommendations to the City Council for how AHF funds should be allocated, staff
considers Council adopted criteria including eligibility, need, suitability, timing, financial
effectiveness and readiness (Attachment 1, Council Resolution No. 9263). The following is an
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. The
HTF indirectly supports creation of affordable housing units by providing financing 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 2.12 and 6.13) and
past practice.
Need: There exists a substantial or overarching need for the type of unit to be assisted, as
follows:
The City’s Regional Housing Needs Allocation (RHNA) for the five-year period from
January 2010 through December 2014 includes 185 units in the extremely-low 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 the moderate income
(81-120% of AMI) category. The HTF contributes to affordable housing at all of these
income ranges and will assist the City in meeting State housing targets.
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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 use
and design, as follows:
This criterion is evaluated when HTF-funded affordable housing projects are proposed in
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 opposed
to later, as follows:
Funding should be provided now so that the HTF has adequate funds to cover operating
expenditures during the 2013 fiscal year and can continue to assist affordable housing
project construction. The City’s citizens would be better served with HTF’s assistance
now rather than later.
Financial Effectiveness: But for the requested funding, the project would not be economically
feasible; or AHF funding “leverages” significant additional funding from other sources, as
follows:
The City’s AHF award would leverage significant additional funding from other sources.
As shown in Attachment 3, the top 21 contributors to the HTF have provided over $6
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 Obispo
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 Fund
A status report on the AHF is attached (Attachment 4). The report indicates that if the proposed
allocation is approved by Council, the fund will retain $1,571,750 to allocate to future affordable
housing projects.
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 approximately
2% of the fund balance currently available to be allocated to new projects. Based on the current
rate of building activity, approximately one month of permit activity will generate fees to restore
the requested amount to the AHF.
Current Requests/Proposed Allocations AHF Available Balance $1,601,750
SLO County Housing Trust Fund $30,000
Net Available for New Programs if Current Request Approved $1,571,450
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Affordable Housing Fund Award (SLO County Housing Trust Fund) Page 4
FISCAL IMPACT
The recommended allocation would be paid out of the AHF, which consists of in-lieu fees
collected under the City’s Inclusionary Housing Ordinance. The fund may only be used for
projects or purposes that create or support affordable housing within the City of San Luis
Obispo. Based on prior expenditures and pending commitments, there will be a balance of
$1,571,450 remaining in the AHF after this award. The project award will have no impact on the
General Fund.
ALTERNATIVES
1. Do not authorize an AHF award. This action is not recommended because the award
appears to meet the criteria for AHF assistance and is consistent with the Housing
Element of the General Plan.
2. Approve an AHF award for a different amount. The City Council can approve an award
for a different amount than the recommendation.
3. Continue consideration of the proposed award. The City Council can direct staff to
return with additional information regarding the funding request so that a final decision
on the award amount can be made.
ATTACHMENTS
1. Council Resolution No. 9263
2. HTF funding request
3. HTF budget, performance documentation and financial statements
4. Affordable Housing Fund Status Report
5. Draft Council Resolution
T:\Council Agenda Reports\2013\2013-11-19\Affordable Housing Award (Johnson-Corey)\HTF CAR.docx
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Attachment 1
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Attachment 1
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Attachment 1
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71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
August 30, 2013
Tyler Corey
Housing Programs Manager
City of San Luis Obispo
919 Palm Street
San Luis Obispo, CA 93401
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 strongest
and most consistent supporters.
I am writing to request that the City award an additional $30,000 in housing in-lieu funds to the
HTF. The requested funds will ensure our continued operations and enable us to provide more
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 2013.1
Much like the city, our budget is divided into different funds and our operating budget (general
fund) is tight. While we currently have more than $2.0 million2 available to finance new housing
projects, these funds cannot be used for our operating costs. Our adopted operating budget for
2013 is $300,000, which is the same as it was in 2012. We budgeted 27% of our income from
local government grants and 9% from private sector grants. The balance or 63% is from our loan
fund earnings. Unfortunately, our actual revenues are running lower than expected so far this
year. We reduced our expenses and hope that our operating budget will break even for 2013.
Financing Affordable Housing Projects
The HTF was created to provide short-term or gap financing for affordable housing projects that
include units for very low, low and/or moderate income households. Our revolving loan funds
currently have $7.7 million. This includes over $3.7 million in private investments and
commitments. We also have nearly $4.0 million in grants and contributions. Since 2005, the
HTF has provided nearly $11 million in financing3 to create or preserve 332 units of affordable
housing throughout San Luis Obispo County.
1 The County contributed $40,161 from its general fund to our operating budget this year.
2 We have received over $370,000 in restricted grants for our loan fund so far this year.
3 Including loans that are scheduled to close in the next week or so.
Attachment 2
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Tyler Corey
August 30, 2013
Page 2 of 3
More than $2 million or nearly 20% of our total financing was loaned for projects in the City of
San Luis Obispo. The Village at Broad Street received one of our largest loans – $1.3 million for
site 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 credit investor.
We also made an emergency loan of $360,000 to the Tri-Counties Community Housing Corpora-
tion. This loan allowed them to buy three units on Hathway at a foreclosure auction. These units
were occupied by individuals with developmental disabilities. The property was in foreclosure
because the owner, Sojourn Services, had gone bankrupt. We have been working with Tri-
Counties and both city and county staff to arrange a stable permanent financing package for the
project. We anticipate providing a small longer term loan to fill the gap even though we gener-
ally only lend for up to five years.
We have also committed a $430,000 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. It
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 time
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 City
of San Luis Obispo.
Technical Assistance for Affordable Housing
Providing technical assistance to support both individual housing projects, and housing programs
and policies is another important activity of the HTF. We have provided, and will continue to
provide, technical assistance to HASLO, Habitat for Humanity and various human service
groups, including the Alano Club, Women’s Shelter Program, Transitions-Mental Health
Association and Family Care Network, to increase their capacity to undertake housing projects.
While these efforts have been county-wide in scope, they should result in more affordable
housing in San Luis Obispo over time. We also provide technical assistance to private
developers concerning the potential to include affordable housing in future projects.
The HTF also provides technical assistance to local governments. In the past, we have worked
with city staff on your affordable housing program, including the guidelines, calculating
affordable sales price limits and monitoring units for compliance. We will be happy to provide
additional technical assistance in the future.
We have scheduled a Public Workshop on our loan program for November 7th, from 3 PM to 5
PM. Developers, nonprofit corporations and local government representatives are invited to
attend to learn more about our services.
Attachment 2
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Tyler Corey
August 30, 2013
Page 3 of 3
Included Documents
Various documents are enclosed with this request, including our 2012 annual report, board and
commission (loan committee) rosters, 2013 budget, July 2013 financial statements, sources of
operating support and lending capital, our loans to date, and various financial statements. Our
2012 audit was provided previously and is available online at www.slochtf.org/files/990-
2012.pdf. Other documentation on the HTF is online at www.slochtf.org/about-us.htm.
Please let me know if you need any additional information or material to consider this request. I
look forward to continue working with you and the City of San Luis Obispo in the future.
Sincerely,
Gerald L. Rioux
Executive Director
Enclosures
X:\Funding\Government\ SLO\SLO City\SLO 2013 request.doc
Attachment 2
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71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
2012 Annual Report
The San Luis Obispo County Housing Trust Fund
(the “HTF”) is a private nonprofit corporation that
was incorporated in 2003. The HTF was formed
through a broad-based organizing effort by local
health and social service providers, businesses and
government agencies to address local housing needs
in San Luis Obispo County, California.
Local Housing Needs
San Luis Obispo County is consistently one of the
least affordable housing markets in the nation. In
the fourth quarter of 2012, the National Association
of Home Builders ranked this county the seventh
least affordable housing market in the United States.
The 2010 Census found that 35.8% of the renters in
this county had a severe housing cost burden.1 This
was a higher incidence of severe housing cost
burden than in Los Angeles, San Jose, San
Francisco and New York City.
Mission & Purpose
The HTF’s mission is to increase the supply of
affordable housing for very low, low and moderate
income households in San Luis Obispo County,
including those with special needs.
Rather than develop or operate housing, we provide
financing and technical assistance to private devel-
opers, nonprofit agencies and local governments to
help create, preserve and improve housing that
families, seniors and households with special needs
can afford to rent or buy.
Programs & Services
The HTF provides both financing and technical
assistance for affordable housing projects. We also
provide technical assistance on local housing pro-
grams and policies. In addition, we advocate for
affordable housing legislation, programs and pro-
jects at the federal, state and local level.
1 “Severe housing cost burden” means that they paid more
than half of their gross income for housing.
Accomplishments
The HTF has closed nearly $8.3 million in loans to
assist 229 units of affordable housing since 2005. In
2012, we financed the purchase of a large house that
will be used as a residential care facility for individ-
uals with severe developmental disabilities. We
also committed $2.5 million in loans for the devel-
opment of 169 rental and 12 for-sale homes.
Revolving Loan Funds
The HTF operates revolving loan funds that provide
financing for affordable housing projects. These
loan funds include over $3.1 million in social and
community investments and over $3.9 million in
grants and contributions. As of December 31, 2012,
the amounts in our revolving loan funds were:
Loan Fund Investments
Mission Community Bank LOC2 $1,000,000
Rabobank LOC 1,000,000
Dignity Health 750,000
Erich & Hannah Sachs Foundation 200,000
SLO County Community Foundation 100,000
Religious Communities 75,000
Contributed Loan Funds 0
CDFI Fund of the US Treasury $2,200,000
California LHTF Program 3 1,500,000
California Association of Realtors 125,000
George Moylan Affordable Housing Fund 89,324
Create Jobs for USA (Starbucks) 34,500
Total Lending Capital $7,073,824
Operating Support
The HTF has two sources of operating revenue: our
earnings and grants. During 2012, 64% of our oper-
ating revenues came from our loan fees and interest.
Governments grants provided 25%. Private sector
grants provided the remaining 11%.
2 Line of Credit
3 Includes commitments that were not yet received.
Attachment 3
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San Luis Obispo County Housing Trust Fund 2012 Annual Report
Page 2 of 2
Board of Directors 4
The following individuals served on the HTF’s
Board of Directors at the end of 2012.
Dr. Julian D. Crocker, Chair
County Superintendent of Schools
Lenny Grant, AIA, Vice Chair
RRM Design Group
Dick Willhoit, Treasurer
Estrella Associates, Inc.
Marianne Kennedy, Secretary
Women’s Shelter Program
Clarence Cabreros, Heritage Oaks Bank
Geri LaChance, SESLOC Federal Credit Union
The following individuals retired from the HTF’s
Board of Directors during 2012.
Dr. Allen Haile, CalPoly (Retired)
R. Thomas “Tom” Jones, AIA, CalPoly
Rachel Richardson, AIDS Support Network
Anita Robinson, Mission Community Bank
HTF Commission 5
The HTF Commission serves as our loan committee.
The following individuals served on the HTF
Commission at the end of 2012.
Tyler Corey, City of San Luis Obispo
Kelly Heffernon, City of Arroyo Grande
Joe Hoeflich, Supportive Housing
Consortium
George Leage, City of Morro Bay
Ken Litzinger, HASLO
Phyllis Molinar, City of Grover Beach
John Stocksdale, City of Pismo Beach
Morgan Torell, County of San Luis Obispo
The following individuals retired from the HTF’s
Commission during 2012.
Nick Gilman, City of Paso Robles
Marianne Kennedy, Supportive Housing
Consortium
Dana Lilley, County of San Luis Obispo
Staff
Jerry Rioux, Executive Director
Vivian Krug, Administrative Director
4 Our current Directors, officers and Commissioners are
listed online at www.slochtf.org/our-team.htm.
Financial Statements
Our audited financial statements for 2011 and 2012
are summarized below. Our audits were prepared
by The Crosby Company, CPAs. Our audits are
available online at www.slochtf.org/about-us.htm.
Statement of Financial Position
12/31/11 12/31/12
Assets Current Assets: Cash & cash equivalents $1,236,092 $3,485,014
Receivables & Prepaids 7,075 5,964
Interest receivable 13,324 4,527
Notes receivable (current portion) 2,003,403 474,997
Total Current Assets $3,259,894 $3,970,502
Non-Current Assets: Notes receivable (non-current) 1,699,594 984,109
Total Assets $4,959,488 $4,954,611
Liabilities
Current Liabilities:
Payable & Accruals $25,974 $24,692
Notes payable (current) 211,101 0
Total Current Liabilities $237,075 $24 ,692
Long -Term Liabilities: Notes payable (non-current) 1,487,957 1,125,000
Lines of credit 15,000 0
Total Long-Term Liabilities $1,502,957 $1,125,000
Total Liabilities $1,740,032 $1,149,692
Net Assets
Unrestricted $383,610 $83 0,134
Temporarily restricted 2,630,000 2,730,000
Permanently restricted 205,846 244,146
Total Net Assets $3,219,456 $3,804,919
Total Liabilities and Net Assets $4,959,488 $4,954,611
Statement of Activity
2011 2012
Revenue Government Grants $1,722,161 $652,161
Private Contributions 23,385 61,706
Interest & loan fees 224,140 132,853
Total Revenue $1,969,687 $846,720
Expenses
Program Services $218,883 $210,919
Management & General 40,245 40,866
Fund Raising 8,771 9,472
Total Expenses $267,899 $261,257
Increase in Net Assets $1,701,788 $585,463
Attachment 3
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71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Board of Directors
The Board of Directors for the San Luis Obispo County Housing Trust Fund has six members. The
names, offices and affiliations of the current Directors are:
Board Member and Office Affiliation
Dr. Julian Crocker, Chair San Luis Obispo County Superintendent of Schools
Leonard J. Grant, AIA, Vice Chair Architect and Principal, RRM Design Group
Clarence Cabreros, Treasurer Commercial Lending Group Manager, Heritage Oaks Bank
Marianne Kennedy, Secretary Executive Director, Women’s Shelter Program
Dick Willhoit President, Estrella Associates, Inc.
(local developer and home builder)
Geri LaChance President/CEO, SESLOC Federal Credit Union
Affiliations are provided for information only.
Rev 4-19-2013
Attachment 3
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71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Housing Trust Fund Commission
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 the
Housing Trust Fund. The current Commissioners, their appointing authorities and positions are:
Commissioner Appointing Authority Position/Affiliation
David Athey City of Atascadero Deputy Public Works Director
Tyler Corey City of San Luis Obispo Housing Programs Manager
Al Garcia City of Paso Robles Planning Commissioner
Kelly Heffernon City of Arroyo Grande Associate Planner
Joe Hoeflich Supportive Housing Consortium Services and Supports Manager, Tri-
Counties Regional Center
Christine Johnson City of Morro Bay City Council Member
Ken Litzinger Housing Trust Fund Board Chief Financial Officer, Housing Authority
of the City of San Luis Obispo
Karen Campbell-Bright City of Grover Beach Mayor ProTem
John Stocksdale City of Pismo Beach Retired Banker
Morgan Torell County of San Luis Obispo Planner III, Housing & Economic
Development
Rev 2-15-13
Attachment 3
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71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 ♦ (805) 543-5970 ♦ www.slochtf.org
2012 and 2013 Operating Budgets
The Board of Directors for the San Luis Obispo County Housing Trust Fund adopts operating budgets
for each calendar year. The 2013 Operating Budget was adopted by the Board at its November 16, 2012
meeting. The adopted 2012 Budget is shown for comparison.
2012 Budget 2013 Budget
Income1 Income
Percent
of Total Income
Percent
of Total
Government Grants $87,00029.0%$80,000 26.7%
Private Contributions $24,0008.0%$28,000 9.3%
Loan Fund Earning (Interest & Fees) $189,00063.0%$192,000 63.0%
Total Income $300,000100.0%$300,000 100.0%
2012 Budget 2013 Budget
Expenses Expenses
Percent
of Total Expenses
Percent
of Total
Salaries & Benefits $166,13855.4%$172,324 57.4%
Legal, Accounting & Professional Services $35,90012.0%$46,500 15.5%
Rent & Utilities $11,4003.8%$13,200 4.4%
Operating Expenses $15,9375.3%$19,476 6.5%
Loan Fund Expenses (Interest & Fees) $55,62518.5%$33,500 11.2%
Operating Contingencies $15,0005.0%$15,000 5.0%
Total Expenses $300,000100.0%$300,000 100.0%
Rev 1-2-13
1 Income only includes grants and contributions to support our operations. It does not include grants and contributions to our
loan funds, such as the CDFI Fund or George Moylan Affordable Housing Fund.
Attachment 3
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Jul 31, 13
ASSETS
Current Assets
Checking/Savings
1-Operating Accounts
Rabobank- 0735 250,016.44
Sesloc - 0257 250,093.64
HOB - MM Business - 4470 250,732.23
CN NP Now - 4140 250,960.24
MCB Operating Checking - 040 1,109,479.24
Coast Hills Acct - 3640 5.00
Coast Hills Acct - 3657 1,010,242.38
Total 1-Operating Accounts 3,121,529.17
2-Loan Fund Accounts
Loan Disbursement - 691 279.27
Total 2-Loan Fund Accounts 279.27
Total Checking/Savings 3,121,808.44
Other Current Assets
Misc. Receivable - MCSC 155.55
Prepaid Insurance - D & O 661.72
Prepaid Insurance - Liability 432.56
Prepaid Rent 860.00
Prepaid Workers' Comp Ins 642.94
Total Other Current Assets 2,752.77
Total Current Assets 3,124,561.21
Other Assets
Interest Receivable
Loan 5001 - FCN 581.03
Loan 5012 - Tri-Counties CHC 1,087.06
Loan 5013 - Tri-Counties CHC 1,618.85
Loan 5014 - Courtland Street Ap 1,200.00
Loan 5015 - Tri-Counties CHC 1,440.04
Total Interest Receivable 5,926.98
Notes/loans receivables
Loan 5001 - Family Care Network 158,762.71
Loan 5002 - SLONP Housing 176,804.10
Loan 5005 - HASLO Loan 285,000.00
Loan 5006 - Laurel Creek Apts 84,455.28
Loan 5012 - Tri-Counties CHC 315,616.74
Loan 5013 Tri-Counties - CHC 341,809.56
Loan 5014 - Courtland St. Apt.367,356.27
Loan 5015 - Tri-Counties, Pablo 406,879.05
Total Notes/loans receivables 2,136,683.71
Total Other Assets 2,142,610.69
TOTAL ASSETS 5,267,171.90
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts payable 2,241.59
Total Accounts Payable 2,241.59
Credit Cards
Visa -3207 140.92
Total Credit Cards 140.92
Other Current Liabilities
Accrued Interest Payable
Accrued Interest - Dignity 1,250.00
8:05 AM San Luis Obispo County Housing Trust Fund
08/08/13 Balance Sheet
Accrual Basis As of July 31, 2013
Page 1
Attachment 3
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Jul 31, 13
Accrued Interest - Dignity#2 1,414.40
Accrued Interest - Sachs Found 500.00
Accrued Interest - SSM 46.34
Accrued Interest - St. Francis 500.00
Accrued Interest - SLOCCF 250.00
Total Accrued Interest Payable 3,960.74
Accrued Vacation 9,653.81
Payroll & Payroll Taxes Payable
2100 · Payroll & PR Taxes Payable 6,360.41
2125 · United Way Payable 30.00
Total Payroll & Payroll Taxes Payable 6,390.41
Total Other Current Liabilities 20,004.96
Total Current Liabilities 22,387.47
Long Term Liabilities
NP Dignity Health 500,000.00
NP Dignity Health#2 250,000.00
NP Sachs Foundation 200,000.00
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 1,125,000.00
Total Liabilities 1,147,387.47
Equity
3100 · Restricted - Loan Fund
3101 · Realtor Fund 125,000.00
3102 · Moylan Fund 89,996.02
3103 · Create Jobs for USA 34,500.00
Total 3100 · Restricted - Loan Fund 249,496.02
3200 · Temporarily Restricted Funds
3201 · Local Housing Trust Fund (LHTF)1,390,000.00
3204 · CDFI Fund 1,700,000.00
Total 3200 · Temporarily Restricted Funds 3,090,000.00
3300 · Board Designated Accounts
3304 · Unrestricted Loan Fund 500,000.00
3305 · Reserve for Loan Losses 120,000.00
3315 · Unrestricted Moylan Fund 4,678.00
3325 · Operating Reserve 150,000.00
Total 3300 · Board Designated Accounts 774,678.00
3500 · Unrestrict (retained earnings)-309,255.31
Net Income 314,865.72
Total Equity 4,119,784.43
TOTAL LIABILITIES & EQUITY 5,267,171.90
8:05 AM San Luis Obispo County Housing Trust Fund
08/08/13 Balance Sheet
Accrual Basis As of July 31, 2013
Page 2
Attachment 3
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Page 2Attachment 3 C3 - 19
71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Sources of Lending Capital
The San Luis Obispo County Housing Trust Fund (HTF) is a Community Development Financial
Institution (CDFI) that provides financing and technical assistance to increase the supply of affordable
housing in our community. We have more than $7 million in revolving loan funds to finance affordable
housing projects.
Our loan funds include a combination of private investments and contributions, and government grants.
We have more than $3.7 million in social or community investments, and commitments, from banks,1
foundations, religious communities and Dignity Health, which owns three local hospitals.2 We now
have nearly $4.0 million in loan fund equity or net assets that are dedicated for lending. These include
$2.2 million from the US Treasury and $1.5 million from the State of California.
Loan Fund Investments Term Amount
Mission Community Bank (line of credit) 2.25% for 10 years $1,000,000
Rabobank (line of credit) 2.25% for 10 years 1,000,000
Rabobank (CDFI tax credit investment)3 0% for 5 years 500,000
Dignity Health (two investments) 3% for 5 years 750,000
Erich and Hannah Sachs Foundation 3% for 5 years 200,000
Erich and Hannah Sachs Foundation 2.5% for 3 years 100,000
San Luis Obispo County Community Foundation 3% for 5 years 100,000
Sisters of St. Francis of Philadelphia 3% for 5 years 50,000
Sisters of the Sorrowful Mother 2% for 5 years 25,000
Total Loan Fund Investments $3,725,000
Loan Fund Equity (Grants & Donations) Amount
CDFI Fund of the US Treasury $2,200,000
State of California, Local Housing Trust Fund Matching Grant Program (LHTF)4 1,500,000
California Association of Realtors 125,000
George Moylan Affordable Housing Fund5 100,674
Create Jobs for USA initiative (Starbucks)6 34,500
Total Loan Fund Equity $3,960,174
Total Lending Capital $7,685,174
Rev 8/28/13
1 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. 3 Committed, but not yet funded. Interest rate is dependent on the receipt of state tax credits. If tax credits are not received, interest rate
will be 2.25%. 4 Awarded but not yet funded in full. 5 The Moylan Fund was established to honor one of our founding directors. More than 300 individuals, organizations and firms have
contributed directly or indirectly to the Moylan Fund. For more info, go to www.slochtf.org/moylan-fund.htm.
6 Administered by the Opportunity Finance Network - www.opportunityfinance.net/financing/default.aspx?id=5736.
Attachment 3
C3 - 20
71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Operating Grants - 2010-2013
The San Luis Obispo County Housing Trust Fund's operating revenues include a combination of public
and private grants and the earnings from our revolving loan funds. Our 2013 budget has 37% of our
revenues coming from grants and 63% from earnings. The grants that we received in 2010 through
August 2013 are listed below.1
Operating Fund Grantor 2010 2011 2012 2013
Public Sector Grants
County of San Luis Obispo $42,275$40,161$40,161 $40,161
City of San Luis Obispo 30,00030,00030,000 0
City of Atascadero 7,0007,000 0 0
City of Paso Robles 7,5007,500 0 0
City of Arroyo Grande 5,0005,0005,000 5,000
City of Grover Beach 5,0005,0005,000 5,000
City of Pismo Beach 2,0002,0002,000 2,000
City of Morro Bay 1,000500 0 1,000
Private Sector Grants 0 0 0 0
Rabobank2 $10,000 $10,000 $5,000 $5,000
Bank of America 7,500 5,000 5,000 5,000
Union Bank of California 5,000 0 0 0
US Bank (formerly Downey Savings) 0 0 5,000 0
Erich & Hannah Sachs Foundation3 5,000 0 0 0
Heritage Oaks Bank4 0 02,000 0
Opportunity Finance Network5 0 01,406 0
Total Operating Grants$127,275$112,161$100,567 $63,161
The HTF also received more than $3 million in grants and contribution to our revolving loan funds
during this period.
Rev 8/28/13
1 Grants are listed in the years in which they were committed. Some grants were funded in subsequent years.
2 Rabobank has also invested $1 million in our loan fund and committed an additional $500,000 investment.
3 Sachs Foundation has also invested $300,000 in our loan fund.
4 Heritage Oaks Bank also contributed $2,000 in loan funds during this period.
5 The Opportunity Finance Network also contributed $34,500 in loan funds during this period.
Attachment 3
C3 - 21
71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Loan Production Report
The San Luis Obispo County Housing Trust Fund’s loan production is summarized below. Of the 332 units that
we have assisted, 98.8% are for low income individuals and households.1
Year Project/Borrower/Location
Loan
Amount
Number
of UnitsDescription
2005 Family Care Network, Arroyo Grande $283,3005 Acquisition of homes for foster care youth
2005 El Camino Senior Apartments,
Atascadero
$700,00019 Development of senior apartments
2006 Habitat for Humanity, Atascadero $339,0004 Land acquisition for self-help homes
2007 Family Care Network, Atascadero $700,000 4 Acquisition of homes for foster care youth
2009 HASLO, Arroyo Grande $285,0001 Preservation of affordable home at risk of
foreclosure
2009 Laurel Creek Apartments,
San Luis Obispo
$350,00024 Preservation of senior apartments
2009 Village at Broad Street,
San Luis Obispo
$1,300,00042 Land acquisition and pre-development for
family apartments
20092 Hidden Creek Village, Paso Robles $800,00081 Pre-development for family apartments
2010 Oak Leaf Homes, Nipomo $1,400,00034 Land acquisition for self-help homes
2010 Women's Shelter Program,
Grover Beach
$720,0004 Acquisition of transitional housing for victims
of domestic violence
2010 Santa Ysabel (W2M LLC), Atascadero $700,0004 Acquisition and completion of foreclosed
subdivision
2011 Tri-Counties Community Housing,
San Luis Obispo
$360,0003 Acquisition of homes for individuals with
developmental disabilities
2012 Tri-Counties Community Housing,
Nipomo
$346,5004 Creation of licensed care facility for individ-
uals with developmental disabilities
2013 Courtland Apartments, Arroyo Grande $360,00036 Development of family apartments
2013 Tri-Counties Community Housing,
Nipomo
$402,7504 Creation of licensed care facility for individ-
uals with developmental disabilities
20133 Cambria Pines Apartments $184,45033 Pre-development for family apartments
20132 Oceano Self Help, Oceano $600,000 6 Construction of self-help homes
20132 San Miguel Self Help, San Miguel $600,00024 Land acquisition for self-help homes
20132 CAPSLO, Nipomo $400,0000 Development of Head Start School
Totals $10,831,000332
Rev 8/28/13
1 Low income means 80% of the county median income adjusted for household size (see www.slochtf.org/files/income-limits.pdf).
2 Two separate approvals - $300,000 in Nov. 2009 for predevelopment costs and $500,000 in June 2010 for permits and fees.
3 Loan closings are imminent.
Attachment 3
C3 - 22
71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 (805) 543-5970 www.slochtf.org
Top Contributors
Since incorporating February 27, 2003, the San Luis Obispo County Housing Trust Fund (HTF) has
received more than $6 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 of California, County of San Luis Obispo, every city in the county, the real estate and banking
industries, and others in our broad community.1 The following table lists our 21 top contributors and the
totals of their support to date.2
Rank Source of Loan Funds Grants
1 CDFI Fund of the US Treasury2, 3 $2,800,000
2 California Department of Housing and Community Development2, 3 1,500,000
3 County of San Luis Obispo 685,458
4 City of San Luis Obispo 240,200
5 California Association of Realtors3 125,000
6 Bank of America 92,500
7 Rabobank4 55,750
8 Union Bank of California 53,150
9 Community Action Partners (formerly EOC) 50,000
9 City of Grover Beach2 50,000
11 City of Atascadero 49,000
12 City of Arroyo Grande2 45,000
13 City of Pismo Beach 35,000
14 Create Jobs for USA initiative (Starbucks)3 34,450
15 City of Paso Robles 32,500
16 Housing Authority of the City of San Luis Obispo (HASLO) 20,000
17 US Bank 17,000
18 Heritage Oaks Bank4 16,721
19 San Luis Obispo County Community Foundation 15,200
20 Mission Community Bank4 13,750
21 United Way of San Luis Obispo County 11,913
Rev 10-8-13
1 In addition to these grants, we have received over $4 million in private investments in our revolving loan funds, including
$1.1 million from Rabobank, $1 million from Mission Community Bank, $750,000 from Dignity Health and $100,000 from
the San Luis Obispo County Community Foundation. Bank contributions include contributions from acquired institutions.
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 investors
in our revolving loan funds.
Attachment 3
C3 - 23
Attachment 4
C3 - 24
Attachment 5
RESOLUTION NO. XXXX-13
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SAN LUIS OBISPO APPROVING A $30,000
AFFORDABLE HOUSING FUND (AHF) AWARD FOR THE SAN LUIS
OBISPO COUNTY HOUSING TRUST FUND (HTF)
WHEREAS, the City Council of the City of San Luis Obispo met in the Council
Chamber of City Hall, 990 Palm Street, San Luis Obispo, California, on October 1, 2013 for the
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 of
affordable housing project construction in the City; and
WHEREAS, the projects and programs supported by the HTF meet the eligibility criteria
established by the City Council; and
WHEREAS, Housing Element Program 6.13 provides direction for the City to “continue
to support the SLO County Housing Trust Fund’s efforts to provide below-market financing and
technical assistance to affordable housing developers as a way to increase affordable housing
production in the City of San Luis Obispo”; and
WHEREAS, the City Council has duly considered all evidence, including the testimony
of the applicant, interested parties, and the evaluation and recommendations by staff presented at
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 in
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, as
follows:
The HTF improves the ability and feasibility of affordable housing construction. The
HTF indirectly supports creation of affordable housing units by providing financing
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 2.12
and 6.13) and past practice.
2. Need: There exists a substantial or overarching need for the type of unit to be assisted, as
follows:
C3 - 25
Attachment 5
The City’s Regional Housing Needs Allocation (RHNA) for the five year period from
January 2010 through December 2014 includes 185 units in the extremely-low
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 the
moderate income (81-120% of AMI) category. The HTF contributes to affordable
housing at all of these income ranges and will assist the City in meeting State housing
targets.
3. Suitability: The project to be assisted is appropriate for its location both in terms of land use
and design, as follows:
This criterion is evaluated when HTF-funded affordable housing projects are
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 cover
operating expenditures during the 2013 fiscal year and can continue to assist
affordable housing project construction. The City’s citizens would be better served
with HTF’s assistance now rather than later.
5. Financial Effectiveness: But for the requested funding, the project would not be
economically feasible; or AHF funding “leverages” significant additional funding from other
sources, as follows:
The City’s AHF award would leverage significant additional funding from other
sources. The top 21 contributors to the HTF have provided over $6 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 Obispo
County since 2003 and the proposed AHF award will help the HTF fulfill their
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 of
$30,000 to support operations.
Upon motion of , seconded by , and on the
following vote:
AYES:
NOES:
ABSENT:
C3 - 26
Attachment 5
The foregoing resolution was passed and adopted this 19th day of November, 2013.
____________________________________
Mayor Jan Marx
ATTEST:
____________________________________
Anthony Mejia
City Clerk
APPROVED AS TO FORM:
_____________________________________
Christine Dietrick
City Attorney
C3 - 27
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