Fiscal Note
The Resolution provides for the expenditure of $6,000 from the City Affordable Housing Trust Fund. The 2008 City Adopted Operating budget authorizes a total fund distribution of $353,695 in 2008. None has been expended thus far in the current year (a total of $85,000 has been expended in previous years). The current balance of the fund is $4,009,464.
Title
Authorizing the provision of Affordable Housing Trust Funds to assist Movin' Out, Inc., with making accessibility improvements to one rental unit. (2008/06-D)
Body
Background:
Movin' Out, Inc., is a community-based organization established to help people with disabilities secure more stable housing. Movin' Out, Inc., has been active in counseling people with disabilities and in helping them with down-payment assistance. The organization has also partnered with other non-profits to produce housing and owns and manages affordable rental housing.
Project:
Movin' Out, Inc., owns a property that is in need of accessibility improvements to meet the needs of a disabled adult tenant. Improvements include an accessible bathroom and an accessible entrance.
Action:
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 and the Affordable Housing Trust Fund and;
WHEREAS, the City has $6,000 in Housing Trust Funds available to provide long-term affordable housing to lower income households;
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:
Movin' Out, Inc., or a related affiliate for up to $6,000 in Affordable Housing Trust Funds for accessibility improvements for one rental unit.
BE IT FURTHER RESOLVED, that the assistance be offered as a loan on terms adopted in the 2007-2008 Framework for Community and Neighborhood Development.