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<br />RESOLUTION NO. 72-10 <br /> <br />. <br /> <br />RESOLUTION OF THE HOUSING AUTHORITY OF THE <br />CITY OF SANTA ANA INDICATING ITS INTENT TO <br />CONTROL ANNUAL ROUTINE OPERATING EXPENSES, <br />AND TO ESTABLISH AVERAGE ANNUAL TENANT <br />RENTS TO INSURE THAT FOR PROJECT #CAL 93-1 <br />THE REASONABLY ESTIMATED AVERAGE ANNUAL <br />OPERATING EXPENSE, INCLUDING RENT TO THE <br />OWNER, IS NO GREATER THAN 90% OF (1) <br />ACHIEVABLE DWELLING RENT, AND (2) THE BASIC <br />(FIXED) ANNUAL CONTRIBUTIONS BY HUD <br /> <br />. <br />. <br /> <br />WHEREAS, the Housing Authority of the City of Santa Ana, with <br />the assistance of the Department of Housing and Urban Development <br />is developing and managing leased housing projects in the City of <br />Santa Ana; and <br /> <br />WHEREAS, the Department of Housing and Urban Development, <br />by memorandum dated June 28,1972, Circular HM746565.12, dated <br />June 2, 1971, has stated that all housing authorities should establish <br />fiscal policies of management to insure financial solvency; and <br /> <br />, <br /> <br />WHEREAS, in keeping with the Department of Housing and Urban <br />Development Directives, the Housing Authority of the City of Santa Ana <br />is now required to approve by resolution a formal fiscal statement to <br />comply with the Department of Housing Development policies. <br /> <br />. NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS <br />OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA: <br /> <br />1. <br /> <br />That the Executive Director is directed to implement a <br />fiscal management policy which will insure that the <br />Housing Authority will maintain itself in a financially <br />solvent fashion. <br /> <br />2. <br /> <br />That commencing immediately, the Authority will control <br />annual routine operating expenses, and establish average <br />tenant rents to insure that for Project CAL 93-1 the <br />reasonably estimated average operating expense, including <br />rent to the owner, is no greater than 90% of (1) achievable <br />dwelling rent, and (2) the basic (Fixed) annual contributions <br />by HUD. <br /> <br />I <br /> <br />PASSED AND ADOPTED this 17th day of July, 1972, by the following <br />roll call vote: <br /> <br />. <br /> <br />AYES: <br /> <br />COMMISSIONER: <br /> <br />Griset, Yamamoto, Villa, Patterson, Herrin <br /> <br />NOES: <br /> <br />COMMISSIONER: <br /> <br />Evans <br /> <br />ABSENT: COMMISSIONER: <br /> <br />None <br /> <br /> <br />, <br />