Laserfiche WebLink
Economic and Urban Development Department Memorandum <br /> # OS-209 <br /> October 12, 2005 <br /> TO: Honorable Mayor Osborne and City Council <br /> FROM: Steve G City Manager <br /> Dane Bragg ssistant City Manage�� <br /> Vickie Buc ' gham,Assistant Duector of Economic and Urban Developmen <br /> Richelle D. Irons,Neighborhood Redevelopment Manager '�UC'L <br /> Teresa L. Cunningham, Neighborhood/Housing Planne�;�v <br /> SUBJECT: Annual Allocation of HOME funds to CHDOs <br /> RECOMII�NDATION: <br /> Staff recommends approval of the attached resolutions regarding FY2005 HOME funding for <br /> Community Housing Development Organizations (CHDOs). The resolutions provide $150,000 <br /> in project funds and $9,800 in operating funds to the Neighborhood Housing Development <br /> Corporation (NHDC), and $64,000 in project funds and $4,200 in operating funds to the Neaz <br /> Westside Restoration and Preservation Society(NWRAPS). <br /> BACKGROUND: <br /> The City of Decatur is required to set aside a minimum of 15% of the annual allocation of <br /> HOME funds for projects undertaken by qualified CHDOs. The City provided $214,000 for <br /> CHDO projects in the FY2005 application cycle ($113,966.24 carried over from funds allocated <br /> to CHDOs in 2004, plus $100,033.76 in FY2005 funds) and also $14,000 for CHDO operating <br /> expenses (carried over from 2004). Applications for CHDO designation and funding were <br /> accepted from July 1 — August 5, 2005. Applications were received from two organizations: <br /> Neighborhood Housing Development Corporation (NHDC) and the Near Westside Restoration <br /> and Preservation Society (]VWRAPS). Staff recommends allocating the FY2004 funds in the <br /> following manner: <br /> • Award NHDC $150,000 in project funds to construct six single-family 3-bedroom homes in a <br /> new subdivision called "Sheridan Circle" on the former Webster-Cantrell Hall site on South <br /> Martin Luther King Jr. Drive. The homes would be sold to low-income households. Total <br /> project cost for the Sheridan Circle development is estimated to be $1,197,000. Funding for <br /> this project is contingent on approval by Council of an agreement with NHDC for purchase <br /> of this site from the City. NHDC has applied for additional funding from the Illinois <br /> Housing Development Authority, the Federal Home Loan Bank, and additional sources to <br /> complete the project. HOME funds would not be made available until all additional funds <br /> were secured. Agreement for the project described above is attached. <br /> • Award NHDC $9,800 in operating funds in support of the above project. <br /> • Award NWRAPS $64,000 in project funds to rehabilitate one single-family home located at <br /> 414 South Monroe Street for sale to a low-income household. The total estimated cost of the <br />