The Housing Department’s Asset Management team ensures that the City of Chula Vista’s and its Housing Authority's Affordable Housing Projects are compliant with the terms of the loan or grant that was provided by the City/Housing Authority to fund development. Project documentation and tenant income information is also reviewed by staff periodically to ensure that tenant incomes and rents conform to the terms of the City’s/Housing Authority's affordability restrictions.
In addition to ensuring compliance with the affordability requirements, the Asset Management team ensures that the borrowers of City/Housing Authority funds adhere to the repayment terms for the City’s loan assets under its loan documents.
Affordability Restrictions - Income & Rent Limits
All properties with a recorded Affordability Restriction must adhere to current Income and Rent Limits for each development's sources, and to the current utility schedule when determining tenant income eligibility and setting maximum rents for the City's/Housing Authority's designated programs. In situations where there are multiple affordability restrictions/income or rent limits set by different funding requirement or jurisdiction, the Project must adhere to the strictest requirement so it can meet all of the layered restrictions.
In addition to ensuring property-related income and rent requirements are met each year, the Asset Management Team also ensures that project reserves are used appropriately, that the City/Housing Authority receives accurate annual repayments of its loans, and that changes in existing projects' financial structures and owners are approved per the City's/Housing Authority's business terms.
Bond Compliance Monitoring
A primary source of financing for affordable housing developments is multifamily housing revenue bonds. Issuers such as the Housing Authority of the City of Chula Vista are required to monitor the resulting bond regulatory agreement requirements to ensure that bond funds are spent appropriately, and to ensure that rents assessed to tenants meet the terms of the bond regulatory agreement.
CDLAC requires owners of affordable housing properties that were financed by the issuance of bonds to participate in annual certifications for CDLAC bond compliance. As issuer, the Housing Authority performs bond compliance monitoring duties for CDLAC per Section 5220 of the CDLAC regulations. Each year by March 1st, the Housing Authority is required to submit a certification to CDLAC that all of its bond-funded developments are complying with the features originally identified in application to CDLAC and contained in Attachment A to the CDLAC resolution. For the Authority to report, it must rely on information that property owners and their representatives send each year.
Owners and/or their representatives of bond-funded developments still in their “qualified project period”, as defined in the Bond Regulatory Agreement, are required to submit monitoring information per the directions and on the forms below, no later than 5 p.m. on Thursday, February 28, 2019.
Forms, Notices, & Templates
Instructions for the Annual Compliance Submissions
Income & Rent Limits
Calculation of Affordable Rents
Utility Allowance Schedule
Annual Rent Roll Form
Budget Roll-Up Template
Annual Net Cash Flow Template
- Directions for 2018 Bond Compliance Submissions
- Certificate of Delivery of Public Benefits & Ongoing Compliance Form
- Certification of Compliance I (2000-2016 Projects; Please cut and paste onto project sponsor letterhead)
- Certification of Compliance II QRRP (Please cut and paste onto project sponsor letterhead)
- IRS Form 8703
- Certificate of Completion QRRP Form
- CDLAC Committee Regulations
Management Memos & Administrative Notices
For questions or information regarding income and rent requirements or repayment requirements on affordable housing projects funded by the City of Chula Vista, please contact the following:
|Leilani Hines, Housing Manager
| Jose Dorado, Senior Project Manager