Vote: continued

Item Text

H-2. DECLARATIONS OF TRUST FOR PUBLIC HOUSING DEVELOPMENT GRANT PROJECTS (ASSET MANAGEMENT PROPERTY 15) Approve and execute Declaration of Trust documents for Housing Authority of Maricopa County Public Housing Development Grant Projects (form HUD-52190-A) which declares and acknowledges that during the existence of the trust hereby created, the U.S. Department of Housing and Urban Development (HUD) has been granted and is possessed of an interest in its public housing properties. This is to assure HUD of the performance by HAMC of the covenants contained in the Development Project Grant Amendment (dated 3/31/1982) and Annual Contributions Contract (dated 3/15/1996). HAMC does acknowledge and declare that it is possessed of and holds in trust for the benefit of HUD lower income housing properties known as Project No. AZ009015 AMP 15 located in the City of Peoria, County of Maricopa, State of Arizona. The requirement for public housing authorities (PHAs) to ensure a current Declaration of Trust (DOT) is recorded against all property that has been acquired, developed, maintained, or assisted with funds from US Housing Act of 1937 (Act) funds is long-standing and well established by the Act, HUD regulations, and the Annual Contributions Contract (ACC). The DOT is a legal instrument that grants HUD an interest in public housing properties. It provides public notice that the property must be operated in accordance with all public housing federal requirements, including the requirement not to convey or otherwise encumber the property unless expressly authorized by federal law and/or HUD. Since HAMC public housing developments have continued to receive assistance (capital funds) under the Act, federal law requires that HAMC record current and updated DOTs against them. In addition to being an ongoing federal requirement, it is important for HAMC to maintain current DOTs against its public housing properties for other reasons, including: 1) to ensure the accuracy of HUD subsidy calculations and payments under the Operating Fund and Capital Fund; and b) to expedite HUD’s processing and approvals of other federal public housing programs (e.g., Capital Fund Finance Program and Operating Fund Financing Program under Section 30 of the Act, mixed-finance development under 24 CFR 941 Subpart F, and dispositions under Section 18 of the Act). (C-66-14-001-M-00)