Fiscal Note
Sufficient Federal HOME funds of $216,000 are available for this project within the Community Development Division’s Housing Development Reserve Fund, which was authorized as part of the CD Division’s 2010 Adopted Operating Budget.
Title
Authorizing the provision of $216,000 in Federal HOME funds to assist Housing Initiatives, Inc. to acquire and rehabilitate rental housing.
Body
Housing Initiatives is a local community-based agency that provides permanent, affordable rental housing to people who are homeless and disabled through chronic mental illness. Housing Initiatives acquires and rehabilitates property, manages the property as affordable housing, and actively assists their tenants in maintaining case management services.
Low market prices for rental property and the availability of Federal Neighborhood Stabilization Program (NSP) funds for use in acquiring foreclosed properties are providing Housing Initiatives with a good opportunity to develop additional, affordable units of rental housing for their clients. They plan to develop at least four additional units of housing in 2010.
WHEREAS, the CDBG staff and the CDBG Committee have reviewed this proposal and find that it furthers the goals expressed in the 2005-2009 Five-Year Community and Neighborhood Development Plan and the 2010 Community Action Plan; and
WHEREAS, the successful completion of this project will provide additional permanent, affordable rental housing for low-income homeless people who are disabled through chronic mental illness;
NOW, THEREFORE, BE IT RESOLVED that the Common Council authorize a long-term deferred loan or loans to Housing Initiatives, Inc. to acquire and/or rehabilitate four units of affordable rental housing and authorize the Mayor and the City Clerk to enter into an agreement or agreements with Housing Initiatives, Inc. for $216,000 in HOME funds to be expended by December 31, 2010.
BE IT FURTHER RESOLVED that the assistance be offered on terms ...
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