Title
Resolution Awarding Funds to Community Housing Development Organizations for Eligible Affordable Housing Projects
Body
Department: Neighborhood Development
Council District: 1 and 2
Public Hearing: No
Advertising Date/By:
Contact 1 and Phone: Barbara Harris, 373-2509
Contact 2 and Phone: Cynthia Blue, 433-7376
PURPOSE:
City Council is requested to consider awarding HOME program funds to Community Housing Development Organizations for affordable housing development activities.
BACKGROUND:
The federal HOME program requires that funds be committed to projects within two fiscal years of grant allocation to the Greensboro HOME Consortium (Greensboro, Burlington, Alamance County & Guilford County). The HOME program also requires that a minimum of 15% of annual grant allocations be awarded to City-certified Community Housing Development Organizations [CHDO's] for HOME-eligible affordable housing development activities.
Prior year projects that did not move forward as originally scheduled (housing rehabilitation projects, homebuyer programs, single family and multi-family development projects) have created a HOME commitment shortfall of $413,946. These funds must be committed to new projects by July 31, 2015 or the Greensboro HOME Consortium will lose the opportunity to use these funds.
Small projects have been identified by consortium members to fill a portion of the shortfall. Additionally, staff is recommending the projects below to reprogram remaining funds for the benefit of the Greensboro community. The recommended projects have all other financing committed and will be ready to begin construction within 12 months. The recommended projects are all being carried out by CHDO's and also allow the consortium to meet federal CHDO commitment requirements.
Community Housing Solutions of Guilford $92,608 HOME grant
Continue acquisition/rehab/resale of units in Glenwood neighborhood to low income homebuyers.
Funding previous...
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