Motion to receive and file the City’s Housing Successor Agency Annual Report for Fiscal Year 2024-25. (Elia Moreno, Management Analyst I)

This report details the City of South San Francisco's Housing Successor Agency activities for Fiscal Year 2024-25, focusing on the management of assets formerly held by the Redevelopment Agency. The agency's Housing Asset Fund received $372,755 in net deposits and expended $354,280. Key expenditures included $46,479 for administrative costs, $176,160 for homeless prevention and rapid rehousing, and $131,641 for the affordable housing development project 'Rotary Gardens'.

Key Financials & Compliance:

• Ending Fund Balance: The Housing Asset Fund concluded FY 2024-25 with $4,145,547 in assets.
• Portfolio Value: The Housing Successor's portfolio of real properties and loans receivable was valued at $7,120,748.
• Excess Surplus: The agency identified an excess surplus of $297,018 for FY 2024-25, which must be expended or encumbered within three fiscal years to avoid transfer to the California Department of Housing and Community Development (HCD).
• Compliance: The report confirms compliance with annual, five-year, and ten-year housing expenditure and production requirements, including income proportionality targets for affordable housing development and senior rental housing limits.