RSG, INC - Laserfiche WebLink

Home Browse Search

13 extend the timeframe to dispose the property and negotiated a new lease agreement with the current market tenant with a final termination and exit to allow time for disposition of the site, Housing Program Administrative Services —City of Murrieta Murrieta's Housing Authority originally retained RSG's services in 2015 for Housing Program Administrative Services. Since then, we have worked on a variety of engagements including: • Annual Reporting— RSG prepares the annual Housing Successor Agency expenditure report, Housing Element Annual Progress Report, and the Housing Authority Annual Report for the City (as well as several other RSG clients). As part of this work, RSG identified opportunities to leverage funds and housing properties for affordable housing development in the community. Additionally, our report findings included the necessity for the City to adopt the five-year extension set forth under HSC regulations that provides the Housing Authority an extended deadline to develop land obtained through the transfer of housing assets from the former redevelopment agency for affordable housing orsell it within five years. Utilization of the deadline will allow the City to remain compliant with.HSC guidelines while they move forward with development activities. • Property Disposition Strategy— RSG crafted a strategy for the disposition or development of the Housing Authority's land assets to meet the extended deadline. RSG evaluated site and community characteristics, market feasibility, and the City's goals and resources, among other factors. Based on RSG's analysis and recommendations, the Housing Authority is proceeding with the sale .of two properties and plans to use the proceeds to help develop a third property. The Housing Authority continues to employ RSG to advise on the sale process and to prepare the RFP for property development. • Property Disposition Development —The Housing Authority currently employs RSG to advise on the sale process and affordable housing developer selection for property development. In this capacity, RSG has assisted with the preparation of offering memorandums outlining the client's criteria and desired terms for purposes of dissemination to third parties (developers, interested parties, and any other parties) for the properties. The OM sets forth the process for reviewing offers and selecting potential buyers and provides links to information to encourage buyers to consider making offers. RSG has also assisted staff with the preparation of an RFP notifying affordable housing developers of available project funding and properties and selecting a qualified developer. • Monte Vista Resyndication — RSG was retained to evaluate the Developer's request for the Housing Authority to take certain actions to aid in the project refinancing and rehabilitation of the Monte Vista I affordable housing project and to identify potential considerations for the Authority based on existing controlling documents. RSG reviewed both regulatory agreements for the property and lease terms and provided a summary of the terms of the lease with asset strategies aimed to further maximize the benefit to the Housing Authority. RSG then prepared a summary memorandum detailing the programming and feasibility analysis, including a recommendation based on our professional experience, that staff could consider in preparing a strategy recommendation to the Housing Authority. Our summary memorandum detailed the pros and cons of the various development alternatives and provided a recommendation that helped the Housing Authority achieve its goals while meeting legal requirements. • Compliance Monitoring— RSG currently provides compliance monitoring services for both rental and home ownership units. For rental units, we certify that the income eligibility and rent verification comply with funding source legal requirements. For home ownership units, we verify occupancy and primary residency. RSG also provided financial audit services to ensure compliance pursuant to related affordable housing agreements and loan documentation with the audits focusing primarily on the review of financial statements and the creation of a cash flow analysis to determine residual receipt revenue for each project. Additionally, we assist with evaluating project refinancing along with any property resale eligibility restrictions and title clearance issues.