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3/21/2024 5:50:37 PM
Creation date
5/31/2023 11:35:13 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
3/6/2023
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Attachment B: Nimitz Motel Acquisition Funding (Current Estimate as of March 6, 2023) <br />Type Fund Name Amount to <br />Acquisition EDEN Account Notes: <br />Federal <br />FY22-23 CDBG $300,000 165 Awaiting FY23-24 CDBG entitlement grant funding from HUD <br />FY22-23 HOME (via Alameda County)$611,170 166 Awaiting FY23-24 HOME grant allocation from HUD (via Alameda County) <br />American Rescue Plan Act (ARPA)$750,000 190-41-830-8507 <br />Council approved on 11/1/21 an ARPA Budget for 2 Year FY21-23 Budget <br />(Reso 21-150) <br />State <br />Permanent Local Housing Allocation (PLHA)$1,142,542 TBD City was awarded a 5 Year PLHA Grant for 2019-2023. State distributes this <br />funding annually. <br />City <br />Affordable Housing Trust Fund $259,500 167 <br />Per Ordinance, must be used for affordable housing, including homeless <br />shelter/housing <br />TOTAL $3,063,212 <br />TOTAL PURCHASE PRICE 6,235,000.00$ $6.15 million sales prices + est. 85,000 closing costs <br />GAP ACQUISITON FUNDING (current estimate)(3,171,788.00)$ <br />Use of one-time City surplus funds reviewed by Finance Committee on <br />02/22/23. This gap may be lowered prior to close of escrow as City staff <br />explores additional State/federal funding sources <br />*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.
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