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, � <br /> FISCAL YEAR 2004 STRATEGY IMPLEMENTATION <br /> The following actions will be taken during the twelve months for which this strategy is in effect <br /> to meet the affordable housing needs and supportive housing needs of the community. <br /> AREA 1.0 AFFORDABLE HOUSING <br /> As outlined on page 51 of the FY2000-04 Consolidated plan, affordable housing is the highest <br /> priority need in the city of Decatur. The following housing programs, designed to address this <br /> priority and improve the affordability of housing,will be undertaken in the coming twelve <br /> months in the city of Decatur. <br /> Subarea 1.1 Programs Targeted to Homeowners and Future <br /> Homeowners <br /> The following programs are hereby established as priorities to improve the affordability of <br /> housing for homeowners in Decatur, Illinois: <br /> Homeownership Priority 1: Provide home ownership opportunities for low/moderate <br /> income persons. <br /> Anticinated Results: Utilize CDBG and HOME funds to provide 66 newly constructed or <br />, substantially rehabilitated housing units for low/moderate income <br /> households. Provide downpayment/closing cosdsubsidies to make home <br /> ownership more affordable for first-time buyers throughout Decatur. <br /> Provide funding to support new affordable residential development in the <br /> Near North Redevelopment area. <br /> Rationale: A continued limited number of housing units are being constructed in the <br /> city of Decatur for persons of low and moderate income. Also, the city of <br /> Decatur has an aging housing stock which is in need of rehabilitation. <br /> Programs offered through Decatur's HOME and CDBG allocations, as <br /> well as the two Community Development Housing Organizations, Habitat <br /> for Humanity, and Decatur Housing Authority will provide low and <br /> moderate income persons an opportunity to become owners of new or <br /> substantially rehabilitated homes. Homeownership for families and <br /> individuals with incomes capable of owning and maintaining a home is <br /> considered to be a significant neighborhood stabilization tool. Programs <br /> offered through area financial institutions will assist in making <br /> homeownership possible for low and moderate income persons. <br /> FY04 <br /> The City anticipates allocating the follow: <br /> 5 <br />