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1 RiversideCA.gov
1 RiversideCA.gov
City Council
January 23, 2024
Entrada Affordable Housing Project –
American Rescue Plan Act
Subrecipient Agreement
Department of Housing and Human Services
RiversideCA.gov
2 Entrada
Wakeland Housing and Development Corporation
• Site:1701-1757 Seventh Street
• 65 Units at 30% to 60% AMI
- 8 Permanent Supportive Housing
Units
• $4 Million City Loan
• Completion by March 2024
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3 Funding Request
• On February 7, 2023, the City Council approved the proposed ARPA Expenditure Plan for the second allocation of grant funds in the amount of $36,767,594. This approval included a reallocated amount to the Affordable Housing Fund totaling $1,388,789. • Wakeland Funding Request: $1,000,000 ARPA Funds
• Total City sources: $5,000,000
Funding AmountSources of Funds
$23,997,600Tax Credit Equity
$3,816,353Permanent Loan
$11,117,754AHSC Loan & Grant
$164,050Accrued Interest
$4,000,000City Loan
$1,000,000Request: ARPA‐Affordable Housing Fund
$44,095,757Total Sources of Funds
RiversideCA.gov
4 STRATEGIC PLAN ALIGNMENT
Envision Riverside 2025 Strategic Plan Priorities
Cross-Cutting Threads
#2 Community Well-Being and Goal
2.1 Community Trust
Equity
Fiscal Responsibility
Innovation
Sustainability &
Resiliency
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3 RiversideCA.gov
5 That the City Council:
1 .A p p r o v ea nA m e r i c a nR e s c u eP l a nA c tS ubrecipient Agreement with Wakeland Entrada LP for $1,000,000 to assist with de velopment costs related to the Entrada affordable housing project; and
2. Authorize the City Manager, or designee, to sign and execute the attached American Rescue Plan Act Subrecipien t Agreement with Wakeland Housing and Development Corporation, including making minor and non-substantive changes
RECOMMENDATIONS
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