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, � <br /> Economic and Urban Development Department Memorandum <br /> # 04-26 <br /> February 6, 2004 <br /> TO: Honorable Mayor Osborne and City Council <br /> FROM: Steve Garm ity Manager <br /> Dane Brag , ' ector of Economic and Urban Devel�mgnt <br /> Linda J. Love, eighborhood Programs Manager � <br /> SUBJECT: Annual Allocation of HOME funds to CHDO's <br /> RECOMMENDATION: <br /> Staff recommends approval of the attached resolution regarding FY2003 HOME funding for the <br /> Community Housing Development Organizations (CHDO's). The resolution provides $90,562 <br /> in project funds to the Neighborhood Housing Development Corporation(NHDC). <br /> BACKGROUND: <br /> The City of Decatur is required to set aside a minimum of 15% of the annual allocation of <br /> HOME funds for projects undertaken by qualified CHDO's. The City of Decatur was allocated <br /> $603,748 in HOME funds for FY2003, and as such will provide $90,562 for CHDO projects. <br /> There are two locally designated CHDO arganizations: the Neighborhood Housing Development <br /> Corporation (NHDC) and the Near Westside Restoration and Preservation Society (NWRAPS). <br /> Only NHDC was eligible to apply for FY2003 funding, since NWRAPS is currently not in <br /> compliance with HOME regulations regarding timely sale of properties which were rehabilitated <br /> using HOME funds from previous years. If these properties are sold by the time FY2004 funds <br /> are available, NWRAPS will again be eligible to apply for funding. Staff recommends allocating <br /> the FY2003 funds in the following manner: <br /> • Award NHDC $90,562 in project funds to construct two single-family 3-bedroom homes in <br /> the Meadowlark subdivision. Total development cost for the two homes is estimated to be <br /> approximately $214,405. The remaining funds will be provided from a combination of <br /> NHDC's proceeds from completed projects, and construction loans. This is intended to be <br /> the beginning of a larger proposed project whereby NHDC will construct ten new <br /> single-family homes (six on newly donated lots in the Meadowlark Subdivision and four on <br /> other identified sites) over the next eighteen months. <br /> Agreement for the project described above is attached. <br /> POTENTIAL OBJECTIONS: <br /> None known. <br />� <br />