R2008-99 AUTHORIZING AGREEMENT - Laserfiche WebLink

Home Browse Search

r � Economic and Urban Development Department Memorandum No. 08-73 June 10, 2008 TO: Mayor Pro Tem Michael T. Carrigan and City Council �I FROM: John A. Smith, Interim City Manager �!i Greg Crowe, Assistant City Manag ' Vickie Buckingham, Assistant Director of Economic and Urban Development Richelle D. Irons, Neighborhood Outreach Manager �� SUBJECT: FY 07-08 HOME allocation to NHDC for Affordable Green Housing Initiative RECOMMENDATION: Staff recommends approval of the attached resolution regarding FY2007 HOME funding for the Neighborhood Housing Development Corporation (NHDC). The resolution provides $95,000 in project funds and $4,750 in operating funds toward the rehabilitation of two vacant single-family homes for sale to low-moderate-income households located on Decatur's Southeast side, which is one of the three targeted areas marked for housing rehabilitation initiatives. This rehabilitation will include"green"housing and energy efficiency techniques. BACKGROUND: In September 2007, the City of Decatur published a Request for Proposals FY 2007-08 HOME for Affordable Housing Development. An application was received from one organization and scored by staff. Neighborhood Housing Development Corporation (NHDC) was the only qualified responder, and staff recommends approval of funding for the Affordable Green Housing Project. In November 2007, Council approved the original proposal to acquire, rehabilitate and sell 3 units. Due to unforeseen circumstances, NHDC was unable to purchase 2 of the 3 units in its original proposal. NHDC is now asking to reallocate those approved funds toward additional rehabilitation to one of the original units and to purchase a new unit, which they have already entered into a tentative real estate contract. This award of$95,000 would be in addition to the $4,750 in CHDO operating funds for this project. Funds from this allocation would be used for renovation and soft costs associated with the rehabilitation of two single- family structures. The homes would be sold to low to moderate-income households. These funds are NOT additional, but only a reallocation of HOME funds. Total project cost for the Affordable Green Housing Project is estimated to be $184,806.00. NHDC has been approved for financing through local private resources to complete projects. An agreement for the project described above is attached. POTENTIAL OBJECTIONS: None known. INPUT FROM OTHER SOURCES: Neighborhood Redevelopment Division, Neighborhood Outreach Division, and HOME regulations and guidelines.