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resources have changed the calculations, such that a contribution from the city will make a <br /> significant difference in IHDA's review and approval. In order to get this project approved by <br /> IHDA, and unleash the developer's investment, some local subsidy is required. Decatur Housing <br /> Authority has committed funding for 18 of the 63 affordable units for this project. Staff <br /> recommends that Council allocate $375,000 of ARPA funds and $300,000 of HOME funds, for a <br /> total of$675,000 for the project, contingent upon the approval of IHDA tax credits. If approved, <br /> the developer will commit to a community benefits agreement with the City of Decatur, <br /> including providing $275,000 for neighborhood revitalization efforts in and around the <br /> Neighborhood United neighborhood. There is precedent for this request. The City Council most <br /> recently provided$250,000 in HOME Investment Partnership funds to support the new <br /> Woodford Homes facility on North Charles Street. <br /> ATTACHMENTS: Draft project drawings (Phase one) <br /> POTENTIAL OBJECTIONS: Staff is not aware of objections. <br /> INPUT FROM OTHER SOURCES: Neighborhood United Association <br /> STAFF REFERENCE: Should the City Council have any questions, they may contact <br /> Cordaryl M. Patrick, Director of Economic and Community Development, at 424-2727 or e-mail <br /> cpatrick(&,decaturil.gov. <br /> BUDGET/TIME IMPLICATIONS: None. <br />