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11049 Bogart Project — Homekey Application • Page 3 The Development costs is expected to be financed through the following funding sources: Sources of Funds Funding Amount: No Place Like Home Program $ 2,248,527 Homekey Program $ 2,200,000 HOME ARP -County $ 1,800,000 City HOME Loan $ 1,500,000* Developer Equity $ 41,074 Total Sources of Funds $ 7,789,601 *If the City is awarded Homekey grant funds, staff will return to City Council with a request to provide $1.5 million of HOME Program funds through a Development Agreement. STRATEGIC PLAN ALIGNMENT: The development of the Sunrise at Bogart project contributes to Strategic Priority No. 2 Community Well -Being and Goal No. 2.3 - Strengthen neighborhood identities and improve community health and the physical environment through amenities and programs that foster an increased sense of community and enhanced feelings of pride and belonging citywide. This project algins with each of the Cross -Cutting Threads as follows: 1. Community Trust — The City of Riverside has identified eight priority development areas to meet the greatest needs of residents in the City. Priorities are based on responses to the 2020-2021 Community Survey conducted by the City through Community Ward Meetings, Post Card Surveys, and online. The information gathered in specific focus groups and interviews with various organizations and service providers in the housing and community development field 2. Equity — Pursuant to the Housing Community Act of 1974, the US Department of HUD provides critical priority for the funding to ensure all eligible persons receive equitable access to service and are served with dignity, respect, and compassion regardless of the circumstances, ability, or identity. 3. Fiscal Responsibility — There is no fiscal impact to the City General Fund associated with this item. This item allows the City to utilize unused HOME funds toward the construction of low-income housing to create economic stability for low-income City residents. 4. Innovation — This item will allow the City to capitalize on new and changing funding sources in partnership with federal and state programs to meet ongoing and changing needs of low- to moderate income members of the community. 5. Sustainability & Resiliency — The HUD Annual Action Plan describes the specific actions that will be undertaken using HUD entitlement funds to promote sustainable community and economic development and projects to encourage community engagement and resiliency. FISCAL IMPACT: The total fiscal impact of this action is $2.2 million. Upon Council approval and the grant award,