DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: John M. Dugan, Director
COUNCIL DISTRICTS IMPACTED:
SUBJECT:
HOME Investment Partnership Funding Recommendations
SUMMARY:
An Ordinance approving the allocation of $1,100,000 in HOME Investment Partnerships Program (HOME) funding for the development of Acme Road Apartments and the allocation of $1,600,000 in HOME Community Housing Development Organization (CHDO) funding for the development of Lenwood Heights Subdivision.
BACKGROUND INFORMATION:
On August 6, 2015, City Council approved the FY 2016 HOME Investment Partnerships Funding Budget, which included $1,100,000 set aside for Multi-Family Rental Housing Development and $1,000,000 set aside for Community Housing Development Organization (CHDO) Single-Family New Construction development. In addition, $600,000 in FY 2014 HOME funding is being reprogrammed for CHDO Single-Family New Construction development.
ISSUE:
The Department of Planning and Community Development issued a Request for Applications for Multi-Family Rental Housing Development and CHDO Single-Family New Construction on June 19, 2015. Applications were due on July 17, 2015. Two separate panels comprised of City executives and senior managers evaluated the applications utilizing preset evaluation and scoring criteria. This panel evaluated the applications based on experience of the developer, efficient use of HOME funds, project feasibility, loan terms, site characteristics, transit amenities, project readiness, resident services and their Section 3 Utilization Plan.
Multi-Family Rental Housing Development
The five-member panel evaluated five applications with funding requests totaling $5.9 million. The highest scoring application was for Acme Road Apartments with a total score of 130 points from a possible 163 points. The NRP Group is proposing a 322 unit, $43.2M multi-family rental housing development, located on S. Acme...
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