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HomeMy WebLinkAboutMINUTES - 01152008 - D.1 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS FROM: Joseph Villarreal, Executive Director DATE: January 15, 2008 SUBJECT: BOARD REPORT ON HUD'S ASSET MANAGEMENT REQUIREMENTS FOR PUBLIC HOUSING AUTHORITIES SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION I. RECOMMENDED ACTION.- ACCEPT CTION:ACCEPT oral reports from the Executive Director on HUD's new Asset Management requirements. Il. FINANCIAL IMPACT: None. III. REASONS FOR RECOMMENDATION/BACKGROUND As the result of a new Operating Fund Program established by Congress in 1998, HUD is now requiring housing authorities to convert to asset management. HUD views this as, "without question, the single greatest and most important change in the public housing program since at least the Brooke Amendment in 1969. "Brooke" capped the rents that PHAs could charge, creating the need for operating subsidies but also led to an expanded Federal role in local management practices." Asset management requires housing authorities to operate public housing in accordance with what HUD believes are the norms in multifamily housing. These include project-based funding, budgeting, accounting, management, and performance assessment. While asset management does not change the mission of public housing, the provision of quality, affordable units to low- income households, it does introduce a new business model. IV. CONSEQUENCES OF NEGATIVE ACTION None. Informational item only. CONTINUED ON ATTACHMENT: YES SIGNATURE .loseph Villarreal,Executive Director RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON C\ sem_ APPROVED AS RECOMMENDED OTHER X VOTE OF COMMISSIONERS totO n N u 41 b -TV 01->C,o g I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT `�� � ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF COMMISSIONERS ON THE DATE SHOWN. ATTESTED ©\. / ( 5-/p$ JOSEPH ILLARREAL, SECRETARY OF cc: CAO THE BOARD OF COMMISSIONERS County Counsel AND EXECUTIVE DIRECTOR BY , DEPUTY H:\JudyHayes\MSOFFICE\WINWORD\BOARD\BO-Asset Management Report.doc