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<br /> AA - ERAF Fund FY 08-09 <br /> December 7, 2009 <br /> Page 2 <br /> because the ERAF payment for FY 2008-2009 is no longer required to be <br /> paid, these borrowed funds should be returned to the Low and Moderate- <br /> Income Housing Fund. There remains pending litigation that may require a <br /> more substantial Supplemental Educational Revenue Augmentation Fund <br /> (SERAF) payment for FY 2009-10. Should the state prevail, the Agency may <br /> need to borrow funds once again from the Housing Set-Aside fund. <br /> FISCAL IMPACT <br /> City/Agency approval of the appropriation adjustment and resolution to <br /> return the Housing Set-Aside funds in the amount of $3,679,545, which <br /> had been borrowed for the FY 2008-2009 ERAF payment. <br /> APPROVED AS TO FUNDS AND ACCOUNTS: <br /> Nancy T. Edwards Francisco Gutierrez <br /> Assistan Director Executive Director <br /> Community Development Agency Finance and Management Services Agency <br /> CJN/NTE/kg <br /> 80B-2 <br /> <br />