Attachment B: Nimitz Motel Acquisition Funding (Current Estimate as of March 6, 2023) Type Fund Name Amount to
Acquisition EDEN Account Notes:
Federal
FY22-23 CDBG $300,000 165 Awaiting FY23-24 CDBG entitlement grant funding from HUD FY22-23 HOME (via Alameda County) $611,170 166 Awaiting FY23-24 HOME grant allocation from HUD (via Alameda County) American Rescue Plan Act (ARPA) $750,000 190-41-830-8507 Council approved on 11/1/21 an ARPA Budget for 2 Year FY21-23 Budget (Reso 21-150)
State
Permanent Local Housing Allocation (PLHA) $1,142,542 TBD City was awarded a 5 Year PLHA Grant for 2019-2023. State distributes this funding annually.
City
Affordable Housing Trust Fund $259,500 167
Per Ordinance, must be used for affordable housing, including homeless shelter/housing
TOTAL $3,063,212
TOTAL PURCHASE PRICE $ 6,235,000.00 $6.15 million sales prices + est. 85,000 closing costs GAP ACQUISITON FUNDING (current estimate) $ (3,171,788.00) Use of one-time City surplus funds reviewed by Finance Committee on 02/22/23. This gap may be lowered prior to close of escrow as City staff explores additional State/federal funding sources
*Note: Staff is still assessing the feasibility of some of these City funding sources which may change prior to submittal of the Project Homekey application later in Spring 2023.