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, � <br /> • $108,986 of FY04 CDBG funds to the Neighborhood Stabilization <br /> program that was developed and implemented in FY03. (See Past <br /> Activities below for program details.) Project beneficiaries will <br /> remain the same. <br /> • $664,915 of CDBG funds to support the Near North area's <br /> redevelopment into affordable new housing, including the <br /> reimbursement of the City's general fund for Near North demolition <br /> costs ($204,021) and Near North relocation cost(320,894), the <br /> acquisition cost of remaining properties ($100,000), and the relocation <br /> of occupant of the properties ($40,000). <br /> • $220,000 of HOME funds to the Near North Down payment <br /> Assistance program. This program will provide loans (in the form of a <br /> forgivable)up to 25% of the purchase price of the home, as down <br /> payment and closing cost assistance.. <br /> • $100,000.00 of HOME funds to the Homebuyer Assistance program. <br /> The FY04 program will be a continuation of the Homebuyer program <br /> that was established in FY01 and will be operated in conjunction with <br /> the Neighborhood Stabilization Program. <br /> Past Activity <br /> • In FY03, a primary focus of the City's homeownership activities <br /> was the development of new housing in the Near North <br /> Redevelopment area(Wabash Crossing). Also in FY03, the City <br /> developed and implemented a new Neighborhood Stabilization <br /> program involving the private sector. The program is available in <br /> the two targeted areas: Olde Towne and the area around the Near <br /> North(see Appendix E for maps of the two targeted areas). The <br /> conceptual model of this program initially was for someone to <br /> purchase and rehabilitate a substandard house for sale to low and <br /> moderate income persons. As the design plans of the program <br /> developed, staff saw the benefits of incorporating a multiunit <br /> structure rental rehabilitation component. The program was <br /> expanded to include the component, utilizing CDBG funds to <br /> reimburse the investor/owner for a portion of the rehab costs of the <br /> rental unit,requiring a 50/50 match. With the single family <br /> structure, HOME funds would be utilized to provide down <br /> payment assistance to the qualified homebuyer of the unit. If the <br /> purchaser is unable to sell the home after an extended period of <br /> time, the home will be rented to a low or moderate income family. <br /> This program was used in addition to existing rehabilitation <br /> projects and as an alternative to the current code enforcement <br /> process which included legal procedures and demolition of <br /> substandard housing. Also in FY03, the City used carry-over of <br /> FY2001 Homebuyer Program funds to assist homebuyers in the <br /> 6 <br />