Explanation
BACKGROUND:
This legislation authorizes the expenditure of $575,412 for the provision of loans and grants for projects that preserve and increase the local supply of decent, safe, sanitary and affordable housing for low-income families.
The Affordable Housing Opportunity Fund represents the City's commitment to the preservation and production of housing units affordable to very-low, low- and moderate-income individuals. Funds will be used to meet the housing needs identified in the Consolidated Plan. Programs will provide housing rehabilitation assistance, lead paint hazard control, home maintenance repairs for elderly and disabled households, and accessibility modifications.
FISCAL IMPACT:
Funding is from the 2010 Community Development Block Grant Fund.
Title
To authorize the Director of the Department of Development to make loans and grants for operation of the Affordable Housing Opportunity Program; and to authorize the expenditure of $575,412 from the 2010 Community Development Block Grant Fund.($575,412.00)
Body
WHEREAS, the Department of Development, Housing Division desires to administer an Affordable Housing Opportunity Program; and
WHEREAS, this legislation authorizes the expenditure of $575,412 for the provision of loans and grants for projects that preserve and increase the local supply of decent, safe, sanitary and affordable housing for low-income families; and
WHEREAS, the Affordable Housing Opportunity Fund represents the City's commitment to the preservation and production of housing units affordable to very-low, low and moderate-income individuals; and
WHEREAS, funds will be used to meet the housing needs identified in the Consolidated Plan; and
WHEREAS, programs will provide housing rehabilitation assistance, lead paint hazard control, home maintenance repairs for elderly and disabled households, and accessibility modifications; and
WHEREAS, these monies will be used to provide loans a...
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