HAC Minutes-1999-04-15-
MEMORANDUM
TO: George Scarborough, City Manager
July 29, 1999
FROM: Thomas Tomlinson, Planning Director
SUBJECT: Housing Advisory Committee Actions of April 15, 1999
This report summarizes actions taken by the Housing Advisory Committee on April 15, 1999. No
action is required unless Council wishes to hold special review of an item
ttendm
Present Marie Buckner, Richard Collins, Joann de Guevara, Jessica Dean, Ettie Tregarthen
Absent Mike Eggers (excused), Maryrose Winkler (excused)
Staff Present Lynnette Adolphson, Management Analyst I
William Ramsey, Principal Planner
A
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B
C
D
E
F
CAJ,J, TO ORDEB - Chairperson de Guevara called the meeting to order at 5 00 p.m.
Following roll call, the Committee adjourned at 5.07 p m for a walking tour in the Los Rios
District
WAJ KING TOUR OF LOS BIOS Dm - Mr Ramsey gave a tour of the Los Rios
District to the Committee members and members from the public He described the
proposed amendments to the Los Rios Specific Plan and pointed out the locations of the Los
Rios entry plaza, Little Hollywood residential area, and the park area
CT WALKING TOUR -
Chairperson de Guevara reconvened the meeting back in the City Council Chambers
following the Los Rios tour at 6:34 p.m Roll call was taken and remained unchanged.
Q&41, COMMUNICATIO- - None.
MINUTES OF MARCH 22. 1999 - The action minutes of March 22, 1999 were
unanimously approved
DLD BUSNIBS
1 n of Recmons of the Draft Amendments Los Rros
c Plan (Auwt 4. 1998 Cltv Cound Dra& Sneclfic Plan 78-01) and the
3.6, 1999 Draft EnvironmentalImDact &port (Em
Mr Bill Ramsey provided an oral presentation and summarized the staffs
recommended amendments to the Los Rios Specific Plan Specifically, he discussed
the staffs recommendations to modify condition nos 4 and 6 of the draft report
MEMORANDUM September 2, 1999
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TO: Murray, Assistant City Manager
FROM: Thomas Tomlrnson, Planning Director-
Cindy Russell, Administrative Servrces Director
SUBJECT: Response to Council Member Swerdlrn’s Questions Regarding Housing
Programs and Bond Proceeds
1. Bonds were onginally issued in the amount of 1.8 mrllron. Per Cindy Russell,
after costs, the proceeds were approxrmately 1.5 mill/on, What was the
original amount of the bond proceeds allocated to the Community
Enhancement program? How much was earmarked for other housing
programs?
The total amount of the bond issue was $1,800,000. The net proceeds after
bond reserve set-aside and costs of issuance were $1,377,369.33. The
bonds were Issued to cash flow the Community Enhancement Program and
other affordable housing programs such as Little Hollywood and rental
subsidy programs. At that time, it was estimated the Agency would purchase
30 units During subsequent budget years a portion of the bond proceeds
were also Identified for the Little Hollywood demolltlon and constructlon
project
How much has been spent to date on the Community Enhancement
program7
To date, the Agency has Interest earnings of $96,501 08 on the bond
proceeds and has expended $1,408,098.11 The balance remaining as of
August 30, 1999 is $65,772.30. Attached IS a schedule outlining the annual
expenditures Incurred since the bond issue
3 How much cash flow IS the Agency recerving from rental rncome from the
properfres at present7
The Agency moved prospective home buyers Into 11 of the 14 units
beginning In May, 1999 Rents received to date from May through August
total $25,990 (see chart at end of document)
At the time the program was implemented, staff projected that the rents
collected would produce some Income stream to offset programs costs, but
not be sufficient to cover all costs associated with acqulsltlon and
management
MEMORANDUM -2- September 3, 1999
Staff estimated the average monthly rent (minus homeowners’ association
dues) at $400 per unit for a total of $5,600 per month to be applied to the
cost of the bond debt service.
Actual rents are. 9 units at $650lmonth and 2 units at $775/month In
addition to the above rents, three CEP units have been used to house Little
Hollywood households, and monthly rents collected from these three families
are $375 for a total rental income of $7,775. The total monthly HOA dues
average $2700/month leaving a net rental income of approximately $5,075.
The rent shortfall from that originally projected results from the fact that three
of the units are being used to house the Little Hollywood tenants These
tenants are paying the same rent as when they were living in Little Hollywood
($125/month each), thereby decreasing the projected rental income for these
three units by $1275lmonth. However, the Agency is savings approximately
$2,85Olmonth in rental payments by not moving these households to the
Capistrano Point Apartments
After the CRA Board took an action in Apnl to complete only the existing
phase of the CEHP, how have the remarnrng bonds proceeds been
allocated, or for what projects have they been earmarked7
As stated In No. 1 above: the bond funds were allocated to the Little
Hollywood constructron project
What was the original commitment on how the bond would be repaid, under
the original program parameters7
The Agency pledged 20% set-aside funds to the repayment of the bonds.
What IS the current strategy for servrcrng the bonded Indebtedness7
Since the bonds were sold with the 20% set-aside pledged for repayment,
this IS the current strategy for repayment
Could the Agency choose to repay some of the bond Are there advantages
or disadvantages to doing this7
The bonds are Issued with speclflc maturity dates and call dates The
Agency would have to call the bonds and pay the premium required for the
call Staff would have to evaluate the cost effectiveness of repaying the
bonds and the premium against the very low Interest rate on the bonds, our
ability to pay, and cash flow needs
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MEMORANDUM -3- September 2, 1999
0 What were the onginal qualifying income Ilmits for CEHP participation7 What
are the actual income limits for current program partlcipants7 Why are the
proposed limits higher7
The original qualifying income for the Community Enhancement Program
was 100% of the area median income The rncome ltmits for proposed new
programs was Increased to 120% because this is the maximum allowed
under redevelopment law In the past It has been difficult to Implement a
first-trme homebuyers program at the 80% of medran (which for San Juan
Capistrano IS suppressed to 70% of median). A separate matrix is attached
that shows the ability of the various income levels (80%, loo%, and 120%
of the area median income) to support a first mortgage loan
The actual income limits for households buying CEHP properties are as
follows: five households below 50% of median, four households between
50% and 80% of median, and one household at 82% of median
Community Enhancement Housing Program
Summary of Rental Income
Month Gross Rental Income ’ Security Deposits
May 1999 $3,500 $2,500
June 1999 $5,840 $0
July 1999 $7,400 $0
I August 1999
Total I $23,490
Total Gross Income To Date: $25.990
$2,500
I ’ Flqure does not Include routme property maintenance expenditures or other ancillary expenditures (I e HOA dues) I
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8% 28%/33% I S123.126 s175,931 $211,091
I 7.5% 1 33%/38% 1 S150.867 I $215,569 I S258,652
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ariqinal search criteria:
STAT:A PRICE:O-350000 CITY:SJ
DIRNU, DEBO,RAH 714-847-8855 08/31/99 DEBORAH-DR DIRNU
MLS# TvDe Address City-Ar TGNO Bed Bath
S188537 C/A*32204 *PASEO CAROLINA 174 * SJ-DO*972B2 2B 1.00
S185103 C/A*32221 "ALIPAZ 251 * SJ-DO*972C2*2A 2.00
S183766 C/A*32221 *ALIPAZ 237 * SJ-DO*972C2*2T 2.00
S175107 C/A*32221 *ALIPAZ 267 * SJ-DO*972C2*2B 2.00
S189949 C/A*32221 *ALIPAZ 269 * SJ-DO*972C2*2B 2.00
S188980 C/A*32552 ALIPAZ -8A * SJ-DO*972B3 3B 3.00
S184214 S/D 25726 AVENIDA PEDREGAL SJ-DO 972A3 3B 1.50
S190408 S/A*32961 *CALLE DEL TESORO * SJ-DO*972A4*3B 1.50
L92271 C/A 33086 BUCCANEER SJ-DO 973A4 3B 2.50
S191206 T/A*33086 "SOUTHWIND * SJ-D0*972A4*3B 2.50
S186817 S/D*26152 *VIA MONTEREY * SJ-DO*972B3*3B 2.50
S187911 S/D*26162 *VIA MONTEREY * SJ-D0*972B3*3B 2.50
S185040 S/D*25742 *PARK * SJ-DO 972B3 4B 2.50
P145916 T/A 34630 PACIFIC COAST HW SJ-JN 992Dl 2B 1.00
S179333 T/A 34700 PACIFIC COAST HY SJ-JN 992Dl 1B 1.00
P102938 T/A 34700 PACIFIC COAST SJ-JN 992E2 2B 2.00
P102930 T/A 34700 PACIFIC COAST SJ-JN 992E2 2B 2.00
S178827 C/A*32188 *PASEO CAROLINA 184 * SJ-JN*972B2*2A 1.00
P146166 C/A 31065 CALLE SAN DIEGO 62 SJ-JN 952B7 2B 1.00
S189604 C/D 30946 AVE. DE LA VISTA SJ-JN 952B7 2B 1.00
P149680 C/A 30944 AVANIDA DE LA VI B62 SJ-JN 952B6 2B 1.00
L91693 C/A*29481 *RIVIERA * SJ-JN*952B4*2B 1.00
S184672 C/A*30645 *CALLE CHUECA * SJ-JN*952B6*2A 2.00
S182503 S/A*29726 *WOODLAKE * SJ-JN*952B4*3A 1.00
S188665 S/A*26502 *BAY TREE * SJ-JN*952B3*2A 1.00
82409 S/A*29411 "AVOCAD3 * SJ-JN*952B3 2A 1.00
-188253 T/A*26216 *CEDAR GROVE * SJ-JNk952B4*3B 1.50
S187436 S/D*30931 *PASEO CAMALU * SJ-JN*952C6*2A 1.00
Si91783 S/D*31196 *VIA SAN VICENTE * SJ-JNk952C7*2A 2.00
5192447 S/A*29496 *RIDGE * SJ-JNk952B4*4B 2.00
S;68602 T/A*27587 *PASEO ALONDRA * SJ-JN"972E2 3B 2.50
Si87979 S/D 27569 VIA FORTUNA SJ-JN 972E2 3B 2.00
P151575 S/D 5269 MERIDIAN AVE SJ-JN 72Al 3A 2.00
L9232G S/D*27549 *VIA FORTUNA * SJ-JN*972E2*3B 2.00
S180977 T/A*32203 *VIA BARRIDA * SJ-JS*972E2*2A 2.00
S7an950 T/A 27822 LA.2 PASEO 3Ej SOL SJ-JS 972E2 3B 2.50
S127304 S/D*33895 *CALLE ACORDARSE * SJ-JS*972C5 3A 2.00
S189396 C/A*27509 "PASEO VERANO * SJ-JS*972E3*3A 2.00
ES192038 S/3 27589 VIA FORTLTNA SJ-JS 972E3 3A 2.00
S187536 T/A 27567 VIA MOXTOYA SJ-JS 972F2 3B 2.75
S190847 C/A*3C844 *AVEN*JE LA VIS 26B * SJ-MA 952B7*2B 1.00
5186894 I/A*31C28 'CALLE SAN DIEGO * SJ-:gA*952B7*2T 1.00
S192631 C/A*31076 *CALLE SAN 3IEGO 7oc * SJ-MA*952B7*2B 1.00
Cl"16f2.3 L-I, :‘/A"31548 "LCS RIOS 127 * SJ--MA*972C1*2B 2 .OO s1~l~q~~ C/A*31256 *CALLE SAN JrJAN 3c * SJ--XA*952B7*2B 1.00 syv933 "/‘q*31*17S **Los RICS 9 * SJ-XAk972C1*2T 2.00 -.- - - -7- b _ 7 i '2 : -' , ,z / A 3;msls L~T~T2~<iCA~ DE LA TLjI SJ-ISA 952B7 2B 1.00
s;32.1.1-1 C'/A*31j39 XLCS RIGS 123 * SJ-Mk*972C1*2T 2.00
s13-1252 -;ti r'"*33s'(i2 2.. A'v'S DX LA Yti'ISTA 48D * SJ-bX*951G3*2T 1.00 s136gg5 c / A * 3 1 3 3 5 *CALLE SAX DIEGO li6C* SJ-:%*952B7*2B 1.00
LP/SP St
78000 A
99500* A
99900 A
106900" A
106900 A
205000" A
218900* A
219000" A
224900 A
227000" A
294000* A
315000 A
329900* A
11700 A
12900 A
15000* A
15000" A
76500 A
89950 A
94900* A
98500 A
140000* A
154900* A
155000* A
157900 A
159900" A
168000 A
176900 A
198000 A
209900 A
260000* A
314900* A
315000 A
342500* A
259000* A
279000 A
279000 A
289500* A
339000* A
339500 A
84900 A
88900 A
89000 A
89900 A
9OCOO A
929OC* A
93933 A
95030* A
98030 A
9975,s A
-1 '1 6 . ___ aCcL:L-a-;,' of al 1 1nfzrTlatloc reqardless zf szcrce, ;ncludlnq but nst r.. -ted to sq;zire fcctaqes axd lot sizes, is: 3ee;r.E.d rel:able but is ri3t
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MLS# Tme Address Citv-Ar TGNO Bed Bath LP/SP St
S188650 C/A*26548 *CALLE SAN FRANC1 2;; = SJ-MA*952B7*3A 1.00 99900 A
cl76819 C/A*31377 *LOS RIOS SJ-MA*952C7 3T 1.00 104500* A
-90059 T/D*26431 *PASEO CARMEL 7A * SJ-MA*952B7*2A 1.00 107000* A
3191923 C/A*31431 *VIA LA MORA * SJ-OR*952D7*2A 2.00 219900 A
S184474 S/D 13700 MONTE VISTA SJ-OR 895Dl 2B 2.00 265000 A
S191002 S/D 27886 VIA DE COSTA SJ-OR 972E2 3B 2.50 267000* A
L92248 S/D*27894 *VIA DE COSTA * SJ-OR*972E2 3B 2.50 268900* A
L92404 C/A*27594 *AVENIDA LARGA * SJ-OR*972E2*2A 2.00 279000 A
S189322 S/D*27984 *VIA DE COSTA * SJ-OR*972E2 3B 2.50 307000* A
S189087 S/D*31082 *VIA SONORA * SJ-ORX952E7*4B 2.50 345000 A
S191505 S/D*32140 *ORTEGA SJ-OR*895J2*3A 1.75 349900 A
The accuracy of all information reqardless of source, includinq but not
limited to square footaqes and lot sizes, is deemed reliable but is not
quaranteed and should be independentlv verified throuqh personal inspection
and/or with the appropriate professionals. Copvrisht SoCalMLS. ~__~__-_---------------~-----------------------~---~-------------------~~~~~
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