Available Funds for Affordable Housing Development Projects As of September 30th, 2023
Housing Successor Agency (Housing Authority)
$5,028,236 Cash on Hand
($1,656,947) Frances Xavier Residence Project Pre-Commitment Loan 1 ($250,000) Administrative Costs Allowance 2
($2,725,395) Administrative Costs Allowance for Future Fiscal Years 3 ($307,386) Crossroads at Washington Option Agreement Amendment 4 ($12,883) Crossroads at Washington Environmental Assessment Oversight 5 $75,625 Available Funds
Inclusionary Housing Funds
$8,943,724 Cash on Hand
($410,000) Down Payment Assistance Program 6
($56,527) Lacy Street Project Grant 7
($151,411) Westview House Loan 8
($37,500) Westview House Project Cost
($2,200,000) 1921 W. Washington Project Pre-Commitment 13 ($2,168,363) Administrative Costs Allowance (CDA/PBA)
$3,919,923 Available Funds
HOME Program
$8,299,766 Funds to Drawdown
($300,749) Crossroads at Washington Loan 10
($200,371) Westview House Loan 8
$7,798,646 Available Funds to Drawdown
HOME-American Rescue Plan Program (PSH Projects Only)
$1,464,630 Funds to Drawdown
($1,464,630) WISEPlace PSH Loan 12
$0 Available Funds to Drawdown
CDBG Program (Acquisition/Rehabilitation Projects Only) $4,690 Funds to Drawdown
$4,690 Available Funds to Drawdown
Rental Rehabilitation Grant Program
$48,860 Cash on Hand 11
($38,652) Westview House Loan 8
$10,208 Available Funds
$11,809,091 Total Available Funds
1 Approved by Housing Authority on January 15, 2019. Additional $587,000 approved by Housing Authority on December 7, 2021. 2 The Housing Successor Agency relies on available cash to fund the monitoring and compliance functions related to the forme r Redevelopment Agency's housing loans. 3 Funds to be set aside for compliance and monitoring requirements due to uncertainty of future repayment revenues. 4 Approved by Housing Authority on December 15, 2020. Additional $150,000 maximum approved by Housing Authority on August 1 7, 2021 (2nd Amendment to Option Agreement). 5 Approved by Housing Authority on July 20, 2021.
6 $400,000 originally approved by City Council on March 6, 2018. Nine loans paid through end of September 2021. Additional $1,200,000 approved by Council on November 2, 2021. 7 Approved by City Council/Housing Authority on March 5, 2019. Additional $333,777 approved by City Council on April 6, 202 0. 8 Approved by City Council on May 17, 2022.
10 Approved by City Council on June 21, 2022.
11 Old program income available after close out of program with HUD. 12 Approved by City Council on March 7, 2023.
13 Approved by City Council on November 15, 2022.
Exhibit 1