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REQUEST FOR COUNCIL/ HOUSING AUTHORITY' ACTION MEETING DATE- 11 A A - -- —CIT MANAGEA - ------ EXE VE DIREC R M R RECOMMENDED ACTION 141,11 I W00tull 111-11M Receive and file, 106WIM4411 CLERK OF COUNCIL USE ONLY: APPROVED CONTINUEDTO Pursuant to the Dissolution Act, the City Council on January 9, 2012, designated the Housing Authority as the Successor Housing Agency to the dissolved Community Redevelopment Agency of the City of Santa Ana (RDA). Effective February 1, 2012, the Housing Authority retained the housing assets, duties, functions and obligations of the former RDA and continued to complete the housing development projects encumbered prior to the dissolution of the RDA. Senate Bill (SB) 341, signed • the Governor • October 1, 20,13, amended the Health & Safety Code Section 34176 and addresses functions to be performed • the Housing Successor Agencies. This bill, effective January 2014, requires all housing successor agencies to provide an annual report to its governing body within six months after the end • the fiscal year, starting with FY 2013-14. Among the requirements is an independent financial audit of the Low and Moderate Income Housing Asset Fund (LM]HAF), and information regarding specific housing financial data and activities. The independent financial audit of the LMIHAF is included in the City's Comprehensive Annual Financial Report (CAFR) for FY 2013-14, as prepared by the Finance and As Recommended As Amended Ordinance on 1st Reading Ordinance on 2nd Reading Impiernenting Resolution Set Pub is Hearing For CONTINUEDTO Pursuant to the Dissolution Act, the City Council on January 9, 2012, designated the Housing Authority as the Successor Housing Agency to the dissolved Community Redevelopment Agency of the City of Santa Ana (RDA). Effective February 1, 2012, the Housing Authority retained the housing assets, duties, functions and obligations of the former RDA and continued to complete the housing development projects encumbered prior to the dissolution of the RDA. Senate Bill (SB) 341, signed • the Governor • October 1, 20,13, amended the Health & Safety Code Section 34176 and addresses functions to be performed • the Housing Successor Agencies. This bill, effective January 2014, requires all housing successor agencies to provide an annual report to its governing body within six months after the end • the fiscal year, starting with FY 2013-14. Among the requirements is an independent financial audit of the Low and Moderate Income Housing Asset Fund (LM]HAF), and information regarding specific housing financial data and activities. The independent financial audit of the LMIHAF is included in the City's Comprehensive Annual Financial Report (CAFR) for FY 2013-14, as prepared by the Finance and