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Crossroads at Washington Affordable Housing Project <br />August 17, 2021 <br />Page 7 <br />1 <br />9 <br />7 <br />8 <br />If the conditions in the Second Amendment to the Option Agreement are met and the <br />Project does proceed, then an environmental remediation backstop shall be available in <br />an amount not to exceed $300,000, payable equally in a 50-50 split between the Housing <br />Authority and County, if the Developer, Housing Authority, and County are not able to <br />receive remediation and cleanup funding from DTSC. The backstop will be made <br />available for expenditure in FY 2021-22 from the Low and Moderate Income Housing <br />Asset Fund, Contract Services account (no. 60718810-62300). Upon final determination <br />of the amount to be paid by the Housing Authority, staff will seek approval to appropriate <br />a portion of fund balance for the expenditure. <br />The First Amended and Restated Pre-Loan Commitment Letter commits an additional <br />$333,742 of NSP funds. Upon future approval of the loan agreements, the additional <br />funds will be budgeted and appropriated (as necessary) as follows: <br />Fiscal <br />Year <br />Accounting Unit – <br />Account #Fund Description <br />Accounting <br />Unit, Account <br />Description <br />Amount <br />FY 21-22 <br />14218760-69152 <br />14218761-69152 <br />14218762-69152 <br />Neighborhood <br />Stabilization <br />Program 1, 2, and 3 <br />Loans & Grants $ 333,742 <br />Each project-based voucher is estimated to be valued at $1,233 monthly or $14,796 <br />annually, based on HUD’s renewal funding of vouchers from March 30, 2021. The <br />approximate value of the 7 project-based vouchers on an annual basis totals $103,572. <br />The actual annual expenditure for the 7 project-based vouchers may be different based <br />on when the development of the project is completed and the units are leased. Funds will <br />be budgeted in future fiscal years in the Housing Choice Voucher Program, Project Based <br />Vouchers account (no. 13618760-69171). <br />Fiscal Impact Verified By: Kathryn Downs, CPA, Executive Director – Finance and <br />Management Services Agency <br />EXHIBIT(S) <br />1. Staff Report from December 15, 2020 <br />2. Second Amendment to Option Agreement <br />3. First Amended and Restated Pre-Loan Commitment Letter <br />Submitted By: <br />Steven A. Mendoza, Assistant City Manager