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Available Funds for Affordable Housing Development Projects
<br />As of March 31st, 2023
<br />Housing Successor Agency (Housing Authority)
<br />$4,982,390 Cash on Hand
<br />($1,656,947)Frances Xavier Residence Project Pre-Commitment Loan 1
<br />($250,000)Administrative Costs Allowance 2
<br />($2,755,174)Administrative Costs Allowance for Future Fiscal Years 3
<br />($307,386)Crossroads at Washington Option Agreement Amendment 4
<br />($12,883)Crossroads at Washington Environmental Assessment Oversight 5
<br />$0 Available Funds
<br />Inclusionary Housing Funds
<br />$14,036,581 Cash on Hand
<br />($930,000)Down Payment Assistance Program 6
<br />($56,527)Lacy Street Project Grant 7
<br />($151,411)Westview House Loan 8
<br />($37,500)Westview House Project Cost
<br />($11,544)WISEPlace Steps to Independence Program Agreement 9
<br />($2,200,000)1921 W. Washington Project Pre-Commitment 13
<br />($2,518,215)Administrative Costs Allowance (CDA/PBA)
<br />$8,131,384 Available Funds
<br />HOME Program
<br />$6,689,393 Funds to Drawdown
<br />($300,749)Crossroads at Washington Loan 10
<br />($200,371)Westview House Loan 8
<br />$6,188,273 Available Funds to Drawdown
<br />HOME-American Rescue Plan Program (PSH Projects Only)
<br />$1,464,630 Funds to Drawdown
<br />($1,464,630)WISEPlace PSH Loan 12
<br />$0 Available Funds to Drawdown
<br />CDBG Program (Acquisition/Rehabilitation Projects Only)
<br />$4,690 Funds to Drawdown
<br />$4,690 Available Funds to Drawdown
<br />Rental Rehabilitation Grant Program
<br />$48,578 Cash on Hand 11
<br />($38,652)Westview House Loan 8
<br />$9,926 Available Funds
<br />$14,334,272 Total Available Funds
<br />1 Approved by Housing Authority on January 15, 2019. Additional $587,000 approved by Housing Authority on December 7, 2021.
<br />2 The Housing Successor Agency relies on available cash to fund the monitoring and compliance functions related to the former Redevelopment Agency's housing loans.
<br />3 Funds to be set aside for compliance and monitoring requirements due to uncertainty of future repayment revenues.
<br />4 Approved by Housing Authority on December 15, 2020. Additional $150,000 maximum approved by Housing Authority on August 17, 2021 (2nd Amendment to Option Agreement).
<br />5 Approved by Housing Authority on July 20, 2021.
<br />6 $400,000 originally approved by City Council on March 6, 2018. Nine loans paid through end of September 2021. Additional $1,200,000 approved by Council on November 2, 2021.
<br />7 Approved by City Council/Housing Authority on March 5, 2019. Additional $333,777 approved by City Council on April 6, 2020.
<br />8 Approved by City Council on May 17, 2022.
<br />9 Approved by City Council on April 7, 2020.
<br />10 Approved by City Council on June 21, 2022.
<br />11 Old program income available after close out of program with HUD.
<br />12 Approved by City Council on March 7, 2023.
<br />13 Approved by City Council on November 15, 2022.
<br />Exhibit 1
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<br />City Council 7 – 11 5/2/2023
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