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. . ----- -- - ----� <br /> Economic and Urban Development Department Memorandum <br /> # OS-37 <br /> March 1, 2005 <br /> TO: Honorable Mayor Osborne and City Council <br /> FROM: Steve G City Manager <br /> Dane Br , ssistant City Manager <br /> Vickie Buc 'ngham, Assistant Dire or of Economic and Urban Development}�� <br /> Richelle D. ons,Neighborhood Redevelopment Manager �y <br /> Teresa L. Cunningham,Neighborhood/Housing Planne,�,�- <br /> ! <br /> SUBJECT: Annual Allocation of HOME funds to CHDOs <br /> RECOMMENDATION: <br /> Staff recommends approval of the attached resolution regarding FY2004 HOME funding for <br /> Community Housing Development Organizations (CHDOs). The resolution provides $128,000 <br /> in project funds and $21,000 in operating funds to the Neighborhood Housing Development <br /> Corporation(NHDC). <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 $212,000 for <br /> CHDO projects in the FY2004 application cycle ($90,562 in FY2004 set-aside funds, $87,600 in <br /> reallocated HOME funds, and $34,060 in unused prior years' set-aside funds) and also $35,000 <br /> � for CHDO operating expenses. Applications for CHDO designation and funding were accepted <br /> from November 29 —December 30, 2004. Applications were received from three organizations: <br /> Neighborhood Housing Development Corporation (NHDC), the Near Westside Restoration and <br /> Preservation Society (NWRAPS), and Jesus Cares Outreach (which applied for CHDO <br /> certification only, no funding request). Staff recommends allocating the FY2004 funds in the <br /> following manner: <br /> • Award NHDC $128,000 in project funds to construct three single-family 3-bedroom homes <br /> in the Meadowlark subdivision. Total development cost for the three homes is estimated to <br /> be approximately $318,913. The remaining funds will be provided from a combination of <br /> NHDC's proceeds from completed projects, and construction loans. This will be the <br /> continuation of a larger proposed project whereby NHDC is constructing up to six new <br /> single-family homes on newly donated lots in the Meadowlark Subdivision. Agreement for <br /> the project described above is attached. <br /> • Award NHDC $21,000 in operating funds in support of the above project. <br />