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R2006-58 ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS
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R2006-58 ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS
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Last modified
12/2/2015 10:22:41 AM
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12/2/2015 10:22:39 AM
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Resolution/Ordinance
Res Ord Num
R2006-58
Res Ord Title
ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS - NEAR WEST RESIDENTIAL REHABILITATION PROGRAM
Approved Date
4/17/2006
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INTRODUCTION TO THE TIF REHABILITATION PROGRAM <br /> The City of Decatur TIF Rehabilita.tion Program will provide forgivable home <br /> rehabilitation/improvement fiuids to owners of single-family properties, multi-family properties, <br /> and mixed use properties. The program is available for properties along the West Main Street <br /> Corridor in the designated Olde Towne TIF District. One of the primary goals of the program is <br /> to preserve housing, stabilize or increase property values, and provide an incentive for <br /> rehabilitation with housing rehabilitation financial assistance. In part, this program is created to <br /> strengthen the supply of decent,affordable housing. <br /> Another goal is to provide housing assistance in a prioritized but equitable manner to owner- <br /> occupied single residential units, multi-family units, and mixed-use properties. Priority will be <br /> given to funding rehabilitation for life and safety items, code items, and incipient code items. <br /> General improvement items may be eligible to receive financial assistance. <br /> This manual sets forth the guidelines for rehabilitation. <br /> PROGRAM OBJECTIVES <br /> Program goals will be met through the use of the following objectives: <br /> 1. To remove unhealthy or hazardous housing conditions. <br /> 2. To use TIF Reha.bilitation Program funds as a catalyst to encourage residents to improve <br /> their community. <br /> 3. To revitalize and preserve the existing housing stock. <br /> 4. To preserve or sta.bilize the property tax base and potentially increase property values in <br /> the TIF neighborhoods. <br /> 5. To finance needed home improvements in the targeted area using a combination of TIF <br /> and private funds. <br /> ELIGIBILITY REOUIREMENTS FOR TIF REHABILITATION PROGRAM <br /> The following information is to provide overall eligibility criteria for participation in the <br /> Rehabilitation Program. <br /> A. Project Unit Eligibility <br /> 1. For a dwelling unit to qualify as eligible for work under the TIF program, it must meet all <br /> of the following criteria: <br /> a. Be located m the designated target azea. The target area is defined as properties <br /> along the West Main Street Corridor, between Church Street and Oakland <br /> Avenue. <br /> 2 <br />
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