Fiscal Note
$400,000 in Federal HOME funds and $6,000 from the City's Affordable Housing Trust Fund have been previously authorized for Movin' Out's Stonebridge and North Lawn projects (Legistar ID # 10710, Legistar ID # 11129, and the City's 2007 & 2008 Operating Budgets). No new appropriations are being requested through this resolution.
Title
Approve the request of Movin’ Out, Inc. to waive the CDBG Office 2009-2010 Program Funding Framework loan-to-value ratio and the per unit limit for projects at North Lawn Ave. and Stonebridge Condominiums.
Body
Movin’ Out, Inc. intends to use previously authorized HOME funds of up to $280,000 to acquire 12 units of affordable rental housing at Stonebridge Condominiums and $126,000 in HOME funds and Affordable Housing Trust Funds to build two units of affordable rental housing on North Lawn Ave. and rehabilitate an existing unit. The final loan-to-value ratios of these projects will likely exceed the current loan-to-value limits in the 2009-2010 Program Funding Framework because of additional costs and because of anticipated declines in the estimated property value. In addition, a variation in the funding formula for the federal funds to be used at the Stonebridge Condominiums will cause them to exceed the per unit limit for one of the twelve units.
WHEREAS, the CDBG staff and the CDBG Commission 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 2009 Community Action Plan; and
WHEREAS, the acquisition, construction and rehabilitation of these properties will ensure permanent, affordable rental housing for low-income people with disabilities; and
WHEREAS, the Common Council has previously authorized funding for these projects in the 2007 and 2008 Operating Budgets and Affordable Housing Trust Funds (Legistar # 10710) and no new funds are being requested;
NOW, THEREFORE, BE IT RESOLVED that the Common Council app...
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