RSG has provided affordable housing advisory services to the City of Pleasant Hill since 2015, who serves as the housing successor to the former Pleasant Hill Redevelopment Agency. During this time, our services have included:
- SB 341 Reporting – RSG prepares the annual Housing Successor Agency expenditure report for the City (and several other RSG clients). RSG ensures the reporting includes all items required by Health and Safety Code Section 34176.1, a summary of financial activity and affordable housing efforts, the integration of financial data provided by City staff, and information about affordable housing resources and activity.
- Housing Asset Fund Advisement – RSG advises on the best use of Housing Asset Funds by reviewing ad hoc requests for financial assistance. RSG prepared a Housing Asset Fund Expenditure Plan that provided guidelines on how Housing Asset Funds may be spent based on prior activity, and regularly updates projections on estimated Housing Asset and other funds available to finance affordable housing in the future. RSG has assisted the City with soliciting and reviewing proposals to develop property transferred from the former Agency.
- Residual Receipts Analysis – We have reviewed residual receipts to ensure the City received accurate payments from a property owner assisted by the former Agency.
- Compliance Monitoring – RSG conducts annual housing compliance monitoring at ownership and rental properties that have affordability agreements with the City and former Agency.
- Property Disposition and Development – RSG marketed for the City multiple infill properties for redevelopment. Two of these properties are in advanced negotiations with a nonprofit developer who may develop 12-14 townhome units, some of which would be rented to extremely low-income households. In addition to the real estate services, RSG has also performed initial underwriting review of the project and evaluated the availability of local BMR and housing successor funds to address the gap on the developer’s financing.
- Middle Income Housing Program Analysis – RSG evaluated a proposal from the California Statewide Communities Development Authority (CSCDA) Community Improvement Authority, a joint powers authority (JPA), to issue tax exempt bonds and acquire a market rate apartment complex in the city, which would be converted to rent restricted moderate-income units. RSG’s analysis included gathering project information and proposed deal terms, conducting local market research, and evaluating the financial impact to the City’s General Fund, including an estimation of foregone property tax and potential surplus proceeds. The City adopted a resolution to join the CSCDA JPA, allow issuance of tax-exempt bonds, and enter into a Public Benefit Agreement with the housing sponsor.