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ECONOMIC_AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. 03-116 <br /> November 12, 2003 <br /> TO: Honorable Mayor Paul Osborne and City Council Members <br /> FROM: Steve Ga City Manager <br /> Dane Brag irector of Economic and Urban Development� <br /> Lmda J. Lo , Neighborhood Programs Manager ;,�t' —� <br /> � <br /> SUBJECT: Agreement with East Lake/N�IDC, LLC for HOME funding for Wabash <br /> Crossing Phase I homeownership unit development <br /> RECOMMENDATION: <br /> Staff recommends approval of the attached resolution authorizing execution of an <br /> agreement with East Lake/NHDC, LLC in which $387,000 in funds under the U.S. <br /> Department of Housing and Urban Development (HUD) HOME program will be <br /> allocated for the development of 43 affordable single-family home ownership units in <br /> Wabash Crossing Phase I. These funds were allocated in the FY2002 and FY2003 <br /> Action Plan. <br /> BACKGROUND: <br /> Increasing the supply of new housing units for home ownership by low income families <br /> was identified as Priority lA in the City's FY2000-2004 Consolidated Plan. To address <br /> this need, the City allocated $387,000 in HOME funds to Near North Affordable <br /> I Housing, Phase I in its FY2003 Action Plan ($365,000 from FY02 and $22,000 from <br /> FY03). In February 2003, the City received a proposal from East Lake Management and <br /> Development Corporation, in conjunction with Neighborhood Housing Development <br /> Corporation (N�-IDC), to use these funds to assist in development of 43 single family <br /> homeownership units as part of Wabash Crossing Phase I. Units will be sold at an <br /> affordable price, and only to persons who meet HUD's definition of low income (income <br />� less than 80% of the area median). Tota1 project cost is $6,432,546, with additional funds <br /> coming from HOPE VI, the Federal Home Loan Bank, the I�-IDA Trust Fund, State Tax <br /> Credit/corporate donations, and sales proceeds. The proposal cover letter and HOME <br />' written agreement are attached. <br /> POTENTIAL OBJECTION: <br /> None known. <br /> INPUT FROM OTHER SOURCES: <br /> City of Decatur FY2000-04 Consolidated Plan and FY2002 and 2003 Action Plans; East <br /> Lake/N�-IDC Wabash Crossing Phase I Application to the City of Decatur for Allocation <br /> of HOME Funds. <br /> I�- _ <br />