Item 11 - Additional Materials posted 06-06-23M EMQRAN DLJ M City of Poway
ADDITIONAL MATERIALS
(Agenda Related Writings/Documents provided to City Council or Staff after distribution of the
Agenda Packet for the June 6, 2023 Council Meeting)
DATE:
TO:
FROM:
CONTACT:
June 6, 2023
Honorable Mayor and Members of the City Council
Carrie Gallagher, City Clerk ~
(858) 668-4535 or cgallagher@poway.org
SUBJECT: Item 11 -Poway Housing Successor Annual Report Fiscal Year 2021-22
Attached please find correspondence received after the agenda posting deadline.
Reviewed/Approved By:
Assistant City Manager
1 of 2
Reviewed By:
Alan Fenstermacher
City Attorney
Approv:d.' _
Ch~
City Manager
June 6, 2023, Item #11
From:
To:
Subject:
Date:
Charles Kaneb
Citulerk
City Council Meeting 6 June 2023, Agenda Item # 11
Friday, June 2, 2023 9:51:40 PM
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EXTERNA L EMAIL.
To whom it may concern:
Having read the financial report of the Poway Housing Authority, I have some remarks.
The revenues of the Poway Housing Authority over Fiscal Year 2021-2022 were in excess of
$1.8 million.
The expenditures of the Poway Housing Authority over Fiscal Year 2021-2022 were less than
ninety grand. Not a single unit of public housing could have possibly been constructed, nor
land purchased for that purpose for that tiny amount of money.
In the city of Poway, the average two-bedroom rent is in excess of $2,500 per month. What
new teacher, what rookie member of the fire department or police force, what team member at
a retailer could write a personal budget around paying that?
The Poway Housing Authority has five million dollars in liquid assets. That's enough to build
a little twenty-unit apartment complex for cash, and bring in $400,000 in annual revenue. If
that five million dollars were instead considered the equity for a bond issue, a full-size, triple-
digit-unit five-over-one would go up.
Is the mission of the Poway Housing Authority anything other than to responsibly use its
funds to provide housing for people to live in Poway?
Sincerely,
Charles Kaneb
Cynthia Ave, Poway.
2 of2 June 6, 2023, Item #11