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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />MEETING DATE: <br />DECEMBER 16, 2014 <br />TITLE: <br />HOUSING SUCCESSOR ANNUAL <br />REPORT FOR FY 2013 -14 — LOW AND <br />MODERATE INCOME HOUSING ASSET <br />FUND (STRATEGIC PLAN NO. 5, 1) <br />CIT� MANAGER A; �; <br />VE DIREC <br />CITY COUNCIL ACTION <br />Receive and file. <br />HOUSING AUTHORITY ACTION <br />Receive and file. <br />CLERIC OF COUNCIL USE ONLY: <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Pursuant to the Dissolution Act, the City Council on January 9, 2012, designated the Housing <br />Authority as the Successor Housing Agency to the dissolved Community Redevelopment Agency <br />of the City of Santa Ana (RDA). Effective February 1, 2012, the Housing Authority retained the <br />housing assets, duties, functions and obligations of the former RDA and continued to complete the <br />housing development projects encumbered prior to the dissolution of the RDA. <br />Senate Bill (SB) 341, signed by the Governor on October 1, 2013, amended the Health & Safety <br />Code Section 34176 and addresses functions to be performed by the Housing Successor <br />Agencies. This bill, effective January 2014, requires all housing successor agencies to provide an <br />annual report to its governing body within six months after the end of the fiscal year, starting with <br />FY 2013 -14. Among the requirements is an independent financial audit of the Low and Moderate <br />Income Housing Asset Fund (LMIHAF), and information regarding specific housing financial data <br />and activities. The independent financial audit of the LMIHAF is included in the City's <br />Comprehensive Annual Financial Report (CAFR) for FY 2013 -14, as prepared by the Finance and <br />80A -1 <br />