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Council approves $1.5M HOME CHDO loan for Sunrise at Bogart, a 22‑unit permanent supportive housing project
Summary
The City Council unanimously approved a HOME CHDO loan of $1,508,234 and related amendments to support Sunrise at Bogart, a 22‑unit permanent supportive housing project targeted to households at 30% AMI with a 55‑year affordability period.
The Riverside City Council unanimously approved a HOME CHDO loan agreement on May 20 to support Sunrise at Bogart, a 22‑unit permanent supportive housing project on Bogart Avenue developed by Neighborhood Partnership Housing Services and partners.
Agrippina Neubauer, the Housing Authority project manager, briefed the council on the financing and timing: Sunrise at Bogart needs to close project financing this month to lock favorable contractor pricing and positive financing terms. Neubauer said the project will contain 22 units…
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