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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 for households at 30% of area median income plus one on‑site manager unit; funders require a 55‑year affordability term that staff reconciled across documents by tying the start of the affordability period to the later of certificate of occupancy or recordation of regulatory agreements.
Neubauer told council the project has layered financing that already includes a $1,440,000 pro‑housing incentive and $380,562 in local housing allocation funding. The city recommended a HOME CHDO allocation of $1,508,234 and related amendments to the Pro Housing Incentive Pilot Program and Permanent Local Housing Allocation agreements to standardize affordability language and to allow a process for rent/income adjustments if major subsidies are lost and the project is rendered financially infeasible (with limits set at 60% AMI maximum). The city also requested authorization for the city manager or designee to execute associated documents.
During the short public-comment period a speaker voiced strong support for more affordable housing to meet RHNA shortfalls. Councilmember Hemingway moved approval and the motion carried unanimously.
Outcome and next steps: Council authorized execution of the HOME CHDO loan agreement and related amendments. Staff will proceed to close financing and begin construction once the required funds and documents are in place and will implement monitoring to ensure the 55‑year affordability commitments are enforced.
Representative quote: "This is a 22‑unit permanent supportive housing project for households at 30% of the area median income," Neubauer said during her presentation.
