Attachment C: Committed City Homekey 3.0 Funding Sources Type Fund Name Amount
Amount to
Acquisition and/or
Construction
Amount to
Operations/Services
Amount to
Relocation Notes:
Federal
CDBG (FY22-23: $300K; FY 23-24: $207,682) $507,682 $385,682 $122,000 If approved, Homekey will cover 50% of relocation costs.
HOME (FY 20-21 HOME: $167,418; FY 21-22 HOME: $198,278; FY 22-23 HOME: $217,745) $795,009 $795,009 American Rescue Plan Act (ARPA) $750,000 $750,000 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 $1,142,542 County
Homeless Housing, Assistance & Prevention (HHAP) $523,000 $523,000 Approved State funding via Alameda County.
HOME-ARPA ** $466,034 $466,034 Soft/conditional commitment letter from County HCD letter 1/26/23 City
Affordable Housing Trust Fund $259,500 $259,500
General Fund*** $7,100,000 $7,100,000
City Council approved $1.6 million in re-allocated Police funding for navigation center in approved in 2 Year FY21-23 Budget. City Council also supported as part of its annual Council priorities and FY21-22 Budget approval process an on-going annual subsidy to the nav center for at least $ 1 million/fiscal year. Homekey requires that applicants demonstrate that on-site services be sustainable for at least 5 years. The $5.6 million City match consists of: $1.6 mil (Year 1), and minimum $1 mil for Years 2 -5). On June 5, 2023, staff is recommending increasing this subsidy guarnaty from $5.6 milliion to $7.1 million.
Low/Mod Housing Asset Fund $0 $0 $0 $0
TBD. Staff is assessing the available balance for L/M Housing Asset Fund to apply to this project if needed.
TOTAL $11,543,767 $3,798,767 $7,623,000 $122,000
*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 around June 9, 2023. **Conditional approval letter from Alameda County HCD in January 2023 ***$7.1 million subsidy guaranty over 5 years pending City Council review on June 5, 2023 ****City Council on March 20, 2023 approved up to $3.2 million in surplus funds as bridge funding for the acquisition of the Nimitz Motel if needed to close escrow in a timely manner in summer/fall 2023.