AgdaPkt 2016-02-08 Closed and Joint SA PFA

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terms set forth in Health and Safety Code Section 34191.4(b) require that twenty percent (20%) of any loan repayment shall be deducted from the loan repayment amount and shall be transferred to a Low and Moderate Income housing Asset Fund. ALTERNATIVES Not approving or delaying the approval of the modified loan agreements could potentially jeopardize the reinstatement and repayment of these loans. Health and Safety Code Section 34179(h) provides that information about all actions taken by the OB shall be provided to DOF, and DOF may review all such actions. An action of the OB becomes effective five (5) business days after submission to DOF unless DOF requests a review. The OB action was submitted to the DOF on January 29, 2016. FISCAL IMPACT The Oversight Board deemed each of the Loans as enforceable obligations and staff has placed these on the Recognized Obligation Payment Schedule by the Successor Agency, subject to the limitations and restrictions set forth in Health and Safety Code Section 34191.4(b). These obligations are included for payment in the proposed 2016- 17 ROPS as follows: · Line 3: SERAF repayment to the Low and Moderate Income Housing Asset Fund in the amount of $1,687,703; which results in this obligation being paid in full. · Line 5: City/RDA loan repayment in the amount of $828,339 applied toward the principal balance due; with 20% to be transferred to the Low and Moderate Income Housing Asset Fund. The remaining principal and interest due on the City/RDA loan will be placed on future ROPS. ENVIRONMENTAL REVIEW This activity is not a project under CEQA as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in either a direct or foreseeable physical change in the environment. STARLA JEROME-ROBINSON INTERIM FINANCE DIRECTOR AND AGENCY TREASURER 6.1.D. - Page 6