Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to modify (Modification 3) a not-for-profit service contract with The Tony R. Wells Foundation, to add funding in an amount up to $225,000.00 for the purpose of acting as fiscal manager of the American Dream Downpayment Initiative (ADDI) program. Funding will be advanced on a predetermined schedule.
Original Contract $267,500.00 Ord. 2768-2022 PO363646
Modification 1 $133,750.00 Ord. 3069-2023 PO423050
Modification 2 $249,845.00 Ord. 2172-2024 PO465105
Modification 3 $225,000.00 Ord. 2971-2024
Total contract amount $876,095.00
The Housing Division adapted the ADDI program to use non-federal funds for the purpose of down payment assistance for homebuyers not in the Homeownership Development program. This expansion increased accessibility of the program to applicants up to 120% AMI and reduced the time to compile and review a file as specific HUD related required documents will not be required for this source of funds.
The Tony R. Wells Foundation, a non-profit corporation, will act as a fiscal manager for the program. The additional funding provided by this modification will allocate $209,250.00 for downpayment assistance for low, moderate and middle income homebuyers and $15,750.00 (at 7% of the funds distributed) for administrative costs for the Wells Foundation. The contract is awarded in accordance with the relevant provisions of City Code Chapter 329 relating to not-for-pr...
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