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, ' � , <br /> ���EIVED <br /> NEIGHBORHOOD HOUSING ' � ' CORPORATION <br /> �ES 1 0 2005 ; <br /> PO 80X'-9' •��C;�UR,ILUVGIS 6252�-1491 •PHONE 1217)423-?'C6•FAX!,217j 423-3900 <br /> t'ii7�i;i�p,2HOOD <br /> "cT.i��NAL <br /> Boar•d of Directors Feb�Uary 9, 2005 <br /> .�ct�t�rc�- �.. Perkins Ms. Teresa Cunningham, Neighborhood/Housing Planner <br /> r',r.;i�h�,zr <br /> City of Decatur <br /> ��.1����i j��������� #1 Gary K. Anderson Plaza <br /> ;;��� i�,�,;�;�„I Decatur, IL 62523 <br /> �Iarion [.our�;,�t Re: FY 2004 CHDO Application <br /> .S��crrrurt <br /> Dear Ms. Cunningham, <br /> �lirza I3ai� <br /> ����'���f����'�� The Neighborhood Housing Development Corporation (NHDC) is <br /> pleased to have received your letter dated January 27, 2005 regarding <br /> 1�a��z ���n�r the tentative recommendation to fund NHDCS affordable housing <br /> j'"`� '�"' projects for program year 2004. '�, <br /> <':::r�ci:i «e�t I <br /> ��,, ,, ,,,,. To finalize the approval process, according to your letter, �� <br /> requires that NHDC provide information: 1) on the proposed use of the <br /> �ro►�� P�,rn allocation to be recommended, and 2) the timing and financial feasibility <br /> n.���,���� of the Sheridan Circle development. The following is our response to <br /> the two questions: <br /> 11ar� ��'alker <br /> r:�������r�� »;���r„� � Proposed uses of Recommended Allocation <br /> As stated in the original Request for Proposals submitted to the <br /> Ci 's staff in December 2004 NHDCs lan is to com lete the ro'ect <br /> tY , P P P 1 <br /> in phases. Based on the dollar amount of $128,000.00, the City's <br /> tentative recommended allocation, NHDC will complete the construction <br /> and sale of three (3) homes in the Meadowlark Subdivision which will <br /> complete Phase I of the Meadowlark/Sheridan Circle Development (see <br /> Sources and Uses Statements).NHDC is ready to proceed. NHDC has <br /> three (3) qualified and approved buyers ready to sign contracts. <br /> II Timing and financial Feasibility of the Sheridan Circle <br /> Development <br /> The next phase will be solely concentrated on the development <br /> of Sheridan Circle. NHDC is currently finalizing the financing. The <br /> following represents the current financial picture: <br /> 1) This past week, NHDC received a conditional commitment <br /> from Union Planters Bank in the form of $100,000.00 line <br />