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Pre-Commitments of $10,727,571 of Affordable Housing Funds for Habitat for Humanity <br />March 4, 2025 <br />Page 7 <br />4 <br />8 <br />5 <br />0 <br />FISCAL IMPACT <br />For 621 W. Alton Avenue, the Grant Agreement is estimated to be finalized for City <br />Council approval in FY 26-27. Upon future approval of the Grant Agreement, funds will <br />be budgeted and available as shown below: <br />Fiscal <br />Year <br />Accounting Unit <br />– Account # <br />Fund <br />Description <br />Accounting Unit, <br />Account <br />Description <br />Amount <br />FY 26-27 13018780- 69152 HOME Program Loans and Grants $9,807,571 <br />Total $9,807,571 <br />The HOME Program currently requires a matching cash contribution from the City for <br />$348,717.76 for FY 23 and FY 24. The City has over $26.4 million in carry over cash <br />contributions eligible to meet this match requirement. <br />For 425 E. Wellington Avenue, the MOU is estimated to be finalized for City Council <br />approval in FY 25-26. Upon future approval of the MOU, funds will be budgeted and <br />available as shown below: <br />Fiscal <br />Year <br />Accounting Unit <br />– Account # <br />Fund <br />Description <br />Accounting Unit, <br />Account <br />Description <br />Amount <br />FY 25-26 41718820-69152 Inclusionary <br />Housing Fund Loans and Grants $920,000 <br />Total $920,000 <br /> <br />EXHIBIT(S) <br />1.Staff Report from October 17, 2023 <br />2. Pre-Commitment Letter for 621 W. Alton Avenue <br />3. Preliminary Financial Gap Analysis for 621 W. Alton Avenue <br />4. Pre-Commitment Letter for 425 E. Wellington Avenue <br />5. Preliminary Financial Gap Analysis for 425 E. Wellington Avenue <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Alvaro Nuñez, City Manager