August 19, 2021
By Rosa Romero, Associate
It’s that time of year again—annual reporting season! When thinking of the beautiful change in weather and fall colors, RSG staff is busy buying pumpkin and peppermint lattes while assisting clients with compliance requirements. The Housing Authority Annual Report is due to the California Department of Housing and Community Development (HCD) by October 1st, during pumpkin season, and the Senate Bill (SB) 341 annual report is due to HCD during the jolly time of December 31st. If you need assistance, RSG has a team of experienced professionals who can help ensure all reporting requirements are met and submitted on time.
The Housing Authority Annual Report is a complete summary of reported activities that are required to be sent to HCD pursuant to HSC 34328.1. The report typically has activities taken during the prior fiscal year, which includes information on bonds, loans, and financing agreements for multi-family rental housing. Other permitted activities include developments; rehabilitated or financed housing projects; purchased, sold, leased, owned, operated, or managed housing projects the Housing Authority assisted with; conveying surplus lands to a developer for permitted purposes; and establishing a special trust or account funded with bond issuance proceeds or developer contributions for the purpose of assisting very low-income units. Additionally, provide any housing projects the housing authority assisted with that demonstrate a minimum amount of housing units for lower income households and establishes base rents pursuant by federal requirements for lower income and maximum rental payments. Lastly, determine if the housing authority has had any termination of tenancies due to domestic violence and include the steps taken to address the termination.
The second report coming around the corner is the SB 341 report. Understanding “old” redevelopment law is essential for completing this report. According to the redevelopment agency dissolution, SB 341 requires successor housing entities to provide an annual report detailing compliance with the expenditure limitations specified in SB 341 during each five-year compliance period. The SB 341 report provides information regarding the Low- and Moderate-Income Housing Asset Fund encumbrances reported on the Housing Asset Transfer. RSG staff take a deep dive into the housing fund to verify deposits, balances of activities, transfers, statutory value of real property, project descriptions receiving funding through ROPS, compliance with expenditures, and other housing obligations for senior deed restrictions or status of properties.
When the season changes and you have everything pumpkin and peppermint, know that the RSG team is ready to help during this special time of the year.