Title
Resolution Approving HOME-Funded Affordable Housing Development Project Applications
Body
Department: Neighborhood Development
Council District: 1,2 and 5
Public Hearing: Yes
Advertising Date/By: April 25, 1014/ Cynthia Blue
Contact 1 and Phone: Barbara Harris 373-2509
Contact 2 and Phone: Cynthia Blue 433-7376
PURPOSE:
The City Council is asked to hold a public hearing to consider awarding funds for affordable housing development projects from HOME program funds budgeted for housing development. The recommended housing development projects meet the City MAP goal to maintain infrastructure and provide sustainable growth opportunities.
BACKGROUND:
The Planning Board is recommending funding for affordable housing development projects for Council consideration. The recommendations were selected based on a Request for Proposals [RFP] process for HOME program eligible affordable housing development activities. Projects proposed by Community Housing Development Organizations and projects that will have all financing in place by June 30, 2014, were prioritized in the RFP due to HOME Program expenditure requirements. Projects meeting the requirements for funding prioritization include Jonesboro Landing Phase 2, Everitt Square and Hope Court.
$2,565,188 in HOME funds was made available for the Affordable Housing Development Request for Proposals from FY'14 and prior year funds. The RFP was advertised on January 27, 2014. The Planning Board heard developer presentations on March 19, 2014 regarding the project applications. The Planning Board voted on a funding recommendation on April 16, 2014 to award $2,565,188 of HOME program funds to five eligible projects.
The recommended projects for HOME funding are listed below and a summary of applications is attached.
Project Name
Location
Developer
Amount
Jonesboro Landing, Ph 2
2409 Charlotte Street
East Market St Development Corporation
$450,900
Everitt Square
2130 Everitt Street...
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