Glendale council notes FY 2023–24 Low‑ and Moderate‑Income Housing Asset Fund report after auditors find shortfall on extremely low‑income spending

The Glendale City Council voted to note and file the fiscal year 2023–24 Low and Moderate Income Housing Asset Fund (LMIHAF) Annual Report, a report required by state law that outlines deposits, expenditures and statutory tests for who benefits from the fund.

City Manager Galania introduced the report and asked Pam Jackson, the city's housing coordinator, to present the findings. Jackson told the council the LMIHAF received $263,000 in deposits in 2023–24, down from $779,000 the previous year, and that the fund's balance fell to about $4.2 million at the end of the fiscal year. "The state requires us to annually report deposits and expenditures into the fund and perform tests to show who benefits from the fund," Jackson said. She said the city expended $1.5 million during the year, including about $1 million in construction costs for two new affordable housing projects, Harrower Village and Citrus Crossing.

Jackson also reported the fund did not…