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Available Funds for Affordable Housing Development Projects
<br />As of March 31, 2021
<br />Housing Successor Agency (Housing Authority)
<br />$3,650,079 Cash on Hand
<br />($1,069,947)Frances Xavier Residence Project Pre-Commitment Loan 1
<br />($250,000)Administrative Costs Allowance 2
<br />($2,076,527)Administrative Costs Allowance for Future Fiscal Years 3
<br />($157,386)Crossroads at Washington Option Agreement Amendment 4
<br />$0 Available Funds
<br />Inclusionary Housing Funds
<br />$10,436,303 Cash on Hand
<br />($210,000)Down Payment Assistance Program 5
<br />($231,494)Lacy Street Project Pre-Commitment Loan 6
<br />($1,514,113)Westview House Pre-Commitment Loan 7
<br />($70,273)WISEPlace Steps to Independence Program Agreement 8
<br />($2,070,579)Administrative Costs Allowance (CDA/PBA)
<br />$6,339,844 Available Funds
<br />HOME Program
<br />$7,202,730 Funds to Drawdown
<br />($3,007,489)Crossroads at Washington Pre-Commitment Loan 9
<br />($2,003,705)Westview House Pre-Commitment Loan 7
<br />$2,191,536 Available Funds to Drawdown
<br />CDBG Program (Acquisition/Rehabilitation Projects Only)
<br />$2,134,716 Funds to Drawdown
<br />($1,687,047)North Harbor Village Project Pre-Commitment Loan 10
<br />$447,669 Available Funds to Drawdown
<br />NSP Program (Abandoned, Foreclosed or Vacant Properties Only)
<br />$1,394,088 Funds to Drawdown
<br />($963,951)Crossroads at Washington Pre-Commitment Loan 9
<br />($96,395)Crossroads at Washington Project Costs
<br />($333,742)Transfer to CDBG in FY 20/21
<br />$0 Available Funds to Drawdown
<br />Rental Rehabilitation Grant Program
<br />$392,875 Cash on Hand
<br />11
<br />($386,523)Westview House Pre-Commitment Loan 7
<br />$6,352 Available Funds
<br />$8,985,402 Total Available Funds
<br />1 Approved by Housing Authority on January 15, 2019.
<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.
<br />5 $400,000 originally approved by City Council on March 6, 2018. Five loans paid through end of September 2020.
<br />6 Approved by City Council/Housing Authority on March 5, 2019. Additional $333,777 approved by City Council on April 6, 2020 (to be reflected in subsequent quarter.)
<br />7 Approved by City Council on April 7, 2020.
<br />8 Approved by City Council on April 7, 2020.
<br />9 Approved by City Council on July 2, 2019.
<br />10 Approved by City Council/Housing Authority on March 5, 2019. Loan agreement on April 20, 2021 City Council agenda for approval.
<br />11 Old program income available after close out of program with HUD.
<br />Exhibit 1
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