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Redevelopment Area. Develop and implement a rental housing <br /> rehabilitation program using DCDF funds. <br /> Rationale: According to the most recent statistics, the rental housing vacancy rate is <br /> approaching levels that would suggest that additional low and very low <br /> income housing is needed. A large number of units could be made <br /> available to low and very low income persons if the condition of the units <br /> could be improved. New construction is also needed to provide additional <br /> rental opportunities. <br /> FY04 <br /> The City anticipates allocating the follow: <br /> • $108,986 of FY04 CDBG funds to the Neighborhood Stabilization <br /> program that was developed and implemented in FY03. <br /> Past Activitv <br /> • In FY03/04 Construction of Phase I of Wabash Crossing begin,which <br /> will address this need. Plans are also progressing for additional <br /> affordable rental units in Phase II, which is anticipated to begin in <br /> 2005. In addition, the City developed and implemented the <br /> Neighborhood Stabilization Program that will assist rental households <br /> as well as homebuyers. <br /> . Program , ., Agency/Funding ,; ;. ;. Allocation <br /> < < . . Source � . <br /> HOPE VI (ongoing 527 units 150 in 2004) DHA/IHDA/ rivate $29,000,000 <br /> DCDF Rental Rehabilitation Program (25 units) DCDF $256,778 <br /> Neighborhood Stabilization Program (42 units) CDBG(FY03) $21,513 <br /> CDBG(FY04) $54,493 <br /> HOME FY04) $184,607 <br /> Total $29,517,391 <br /> Rental Housing Priority 2: Improve the affordability and accessibility of rental <br /> housing for low and very low-income households. <br /> Anticipated Results: To maintain the existing number of Section 8 Certificates over the next <br /> twelve months. <br /> Rationale: There is a need to improve the affordability of rental housing for the low <br /> and very low income small and large family households. The number of <br /> families in need of affordable rental housing exceeds 1000 based on the <br /> Section 8 waiting list. The DHA also provides a certain number of <br /> certificates for special needs populations including the homeless and <br /> persons with mental disabilities. <br /> 10 <br />