City of Racine - File #: 0124-25

• File #: 0124-25
• Version: A
• Name: 1644 S. Memorial Dr. New Construction - HOME and PI Allocation
• Type: Communication
• Status: Committee Report To Council
• File created: 2/5/2025
• In control: Community Development Block Grant Advisory Board
• On agenda: 2/19/2025
• Final action: 2/19/2025
• Title: Subject: Communication sponsored by Mayor Mason requesting the use of non-federal revolving loan funds of up to $14,337 for New Construction at 1644 S. Memorial Drive. Recommendation of the CDBG Advisory Board on 02-10-25: To approve the allocation of up to $359,263 in HOME funds and $14,337 in non-federal revolving loan funds for the redevelopment of 1644 S. Memorial Drive, with the completed property to be sold to a HOME-eligible homeowner. Fiscal Note: Sufficient HOME funds are available to cover the $359,263 allocation, and $14,337 in non-federal revolving loan funds will be used to bridge the funding gap for the new home construction. When the completed property is sold, $14,337 of the revenue will be used to replenish the Non-Federal Revolving Loan Fund, and any remaining revenue will be reinvested into the HOME Fund.

Date	Ver.	Action By	Action	Result
2/19/2025	A	Common Council	Approved	Pass
2/10/2025	A	Community Development Block Grant Advisory Board

Title

Subject: Communication sponsored by Mayor Mason requesting the use of non-federal revolving loan funds of up to $14,337 for New Construction at 1644 S. Memorial Drive.

Recommendation of the CDBG Advisory Board on 02-10-25: To approve the allocation of up to $359,263 in HOME funds and $14,337 in non-federal revolving loan funds for the redevelopment of 1644 S. Memorial Drive, with the completed property to be sold to a HOME-eligible homeowner.

Fiscal Note: Sufficient HOME funds are available to cover the $359,263 allocation, and $14,337 in non-federal revolving loan funds will be used to bridge the funding gap for the new home construction. When the completed property is sold, $14,337 of the revenue will be used to replenish the Non-Federal Revolving Loan Fund, and any remaining revenue will be reinvested into the HOME Fund.