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completed the Elmwood project with HOME assistance and is now leasing the project up. <br /> Heritage Behavioral Health Center, another successful HOME partner, will oversee <br /> provision of supportive services. Homeward Bound is assisting in the predevelopment <br /> stages and will provide technical assistance in tenant selection and management. <br /> Several funding sources are needed to make this project work. We have received a$50,000 <br /> predevelopment loan from the Corporation for Supportive Housing. We requested <br /> $214,500 from the Supportive Housing Program in the 2003 HUD Continuum of Care <br /> competition; approval is anticipated in late 2003. We recently applied for$100,000 from <br /> DCDF and$20,300 from the Illinois Department of Commerce and Economic <br /> Opportunity. Over the next few months we apply to the IHDA Trust Fund and the Federal <br /> Home Loan Bank. We are also investigating Illinois Affordable Housing Tax Credits. <br /> We hope the City of Decatur will consider providing $111,500 in HOME funds for this <br /> important project. This money is needed to cover the gap that will remain after all other <br /> sources have made their expected commitments. We expect to secure all financing and <br /> begin construction in calendar 2004. Your contribution will enable the proj ect to proceed <br /> on schedule. You will recall that we applied for support last year. Although that request <br /> was not approved we were encouraged to re-apply in the FY2004 cycle. <br /> Attached are several documents to help your review of this project, including a project <br /> summary, preliminary drawings, sources and uses statement, operating budget an <br /> d <br /> , <br /> ate the ro'ect s feasibili . <br /> operating proforma. These documents demonstr p � tY <br /> ith ou and answer an uestions you may <br /> ed to discuss this ro'ect w Y q <br /> We will be leas p � Y <br /> P <br /> have. Please feel free to contact our development consultant, Fred Spannaus, at 425-2635. <br /> Thank you very much for your consideration of this request. <br /> nc ely, <br /> Ray a <br /> Exec ' i ector � <br />