Fiscal Note
$100,000 in Federal HOME and HOME Match funds are available within the Housing Development Fund to cover the costs for this project.
Title
Authorizing the provision of HOME and HOME Match funds to assist Habitat for Humanity of Dane County to develop housing in ways that address City, Community and Neighborhood Development Objectives.
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 houses.
PROJECT
Habitat intends to acquire a vacant former 4-flat building on Lakepoint and convert it into a 2-family townhouse style residence. Conversion of the 2 unit / vacant child care space into owner-occupancy will help address the neighborhood revitalization goals of the West Broadway Plan.
ACTIONS
Whereas, the HOME program, as amended, and its implementing regulations located at 24 CFR Part 92, permit the City of Madison to help community agencies in the provision of housing assistance;
Whereas, CD staff and the CDBG Commission have reviewed this proposal and find that it furthers 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 for Humanity of Dane County for up to $100,000 of HOME and HOME Match funds toward the development of 2 homes on Lakepoint.
Be it further resolved that the assistance be offered on terms adopted in the 2007-2008 Framework for Community and Neighborhood Development, such that the assistance to the organization (and to the buyer) be offered in the form of a deferred payment loan payable upon change of use or sale, with repayment equal to the great...
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