Fiscal Note
$560,000 in Federal HOME/HOME Match Funds are available within the Housing Development Fund to cover the costs for this project. $418,000 will be repaid to the City on sale of the property to Habitat by C-Cap and reprogrammed into this project; $142,000 of new HOME funds will be available for the construction.
Title
SECOND SUBSTITUTE - Authorizing the provision of HOME/HOME Match Funds to assist Habitat for Humanity of Dane County to acquire the undeveloped portion of Northport Commons.
Body
AGENCY:
Habitat for Humanity of Dane County is a local chapter of a national organization established to promote affordable housing using self-help participation and volunteer labor. Locally the Habitat chapter has developed Twin Oaks, Harmony Park and several dozen other single family single-family houses.
PROJECT:
Habitat intends plans to acquire the undeveloped portions of a C-Cap project known as Northport Commons, and develop the project as a mixed income development. Habitat intends to sell 5 lots to private builders for market rate housing, and arrange for the development of 4 units to other builders for sale to households over 70% 60% area median income, or elderly or disabled; and construct up to 20 16 owner-occupied townhouses homes for families who could not otherwise afford them. This project will address neighborhood revitalization goals of the area.
ACTIONS:
Whereas, 24 CFR 92 permits cities to use Federal HOME funds to help develop affordable housing; and
Whereas 24 CFR 570 permits cities to use Federal CDBG funds to acquire land for housing or other purposes; and
Whereas, CD staff and the CDBG Commission have reviewed this proposal and find that it further the goals expressed in the Five-Year Community and Neighborhood Development Plan*;
Now, therefore, be it resolved that the Common Council approve the provision of funds for the following project, and authorize the Mayor and the City Clerk to enter into an agreement with:
Habitat fo...
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