City of Racine - File #: 0116-22

• File #: 0116-22
• Version: A
• Name: Funding
• Type: Communication
• Status: Passed
• File created: 2/18/2022
• In control: Community Development Block Grant Advisory Board
• Final action: 3/1/2022
• Title: Subject: HOME Investments Partnership funding for housing rehabilitation of two units by the Racine Revitalization Partnership Recommendation of the CDBG Advisory Board on 2/21/2022: Authorization of up to $81,618 in HOME funding for the rehabilitation of 620 Hubbard Based on underwriting and program requirements, staff recommends authorizing up to $82,800 in HOME funding for the rehabilitation of 939 Center St. Program income as defined by HUD will be returned to the City after sale of the units to an income-eligible buyer. All properties must be sold to low-/moderate-income home buyers. HOME-funded developments will require resale restrictions for 15 years. Fiscal Note: There are sufficient HOME funds to fund the staff recommendation.

Date	Ver.	Action By	Action	Result
3/1/2022	A	Common Council	Approved	Pass
2/21/2022	A	Community Development Block Grant Advisory Board	Recommended For Approval	Pass

Title

Subject: HOME Investments Partnership funding for housing rehabilitation of two units by the Racine Revitalization Partnership              

Recommendation of the CDBG Advisory Board on 2/21/2022: Authorization of up to $81,618 in HOME funding for the rehabilitation of 620 Hubbard Based on underwriting and program requirements, staff recommends authorizing up to $82,800 in HOME funding for the rehabilitation of 939 Center St. Program income as defined by HUD will be returned to the City after sale of the units to an income-eligible buyer. All properties must be sold to low-/moderate-income home buyers. HOME-funded developments will require resale restrictions for 15 years.

Fiscal Note: There are sufficient HOME funds to fund the staff recommendation.