Fiscal Note
The Resolution will authorize the provision of $49,200 in Federal Scattered Site funding for the project. $112,000 in Federal HOME funds have been previously authorized for the project.
Title
Authorizing the provision of Scattered Site Funds to assist Movin' Out, Inc., with acquisition and rehabilitation of a property with two rental units. (2008/06-E)
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., proposes to acquire and rehabilitate a duplex in a scattered site area. The property would be used as affordable rental housing for two individuals with disabilities; $112,000 in HOME funds has previously been authorized for this project. Since this project is located in a scattered site area, it is eligible for additional funding from the Scattered Site Fund.
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 Scattered Site Fund, and;
WHEREAS, the City has $49,200 in Scattered Site Funds available to provide 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 $49,200 in Scattered Site Funds to assist Movin' Out, Inc., with acquisition and rehabilitation of a property with two rental units.
BE IT FURTHER RESOLVED, that the assistance be offered as a loan on terms adopted in the 2007-2008 Framework for Community ...
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