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Neighborhood Services Department Memorandum <br /> # 03-06 <br /> February 25, 2003 <br /> TO: Honorable Mayor Howley and City Council <br /> FROM: Steve G Manager <br /> A. J. Krie , sistant City Manager <br /> Linda J. Love, Neighborhood Servic D' ctor �i► �, <br /> d <br /> SUBJECT: Annual Allocation of HOME funds to C�IDO's <br /> RECOMMENDATION: <br /> Staff recommends approval of the attached resolution regarding FY2002-03 HOME funding for <br /> the Community Housing Development Organizations (CHDO's). The resolution provides <br /> $110,400 in project funds and $35,000 in operating funds for the City's two CHDO's. <br /> BACKGROUND: <br /> The City of Decatur is required to set-aside a minimum of 15% of the annual allocation of HOME <br /> funds for projects undertaken by qualified CHDO's. Additionally, although not required to do so, <br /> the City budgeted $35,000 for CHDO operating expenses for FY2002-03. There are two locally <br /> designated CHDO organizations: the Neighborhood Housing Development Corporation(NHDC) <br /> and the Near Westside Restoration and Preservation Society (]vWRAPS). The City of Decatur <br /> was allocated $736,000 in HOME funds for FY2002-03, and as such will provide $110,400 for <br /> CHDO projects. Staffrecommends allocating these funds in the following manner: <br /> • Award NHDC $55,200 in project funds to construct one 3-bedroom house in the Meadowlark <br /> subdivision. Total project cost is estimated to be appro�mately $106,000. The remaining <br /> funds will be provided from a combination of NHDC's funds and a construction loan. Also <br /> award NHDC $19,250 in operating funds. <br /> • Award rdWRAPS $55,200 in project funds to rehab a 4-bedroom house at 434 S. Monroe. <br /> Tota1 project cost is estimated to be approximately $94,000. The remaining funds will be <br /> provided from a combination of proceeds from other projects and a $10,000 lead removal <br /> grant from the Federal Home Loan Bank. Also, award NWRAPS $15,750 in operating funds. <br /> Agreements for the projects described above are attached. <br /> POTENTIAL OBJECTIONS: I <br /> None known. <br /> INPUT FROM OTHER SOURCES: <br /> Neighborhood Renewal Staff, HOME regulations and guidelines. <br />