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File #: 15-00484    Version: A Name: HOME Funding 1520, 1536 Clark Street (Res No. 15-0241)
Type: Communication Status: Passed
File created: 5/21/2015 In control: Community Development Committee
On agenda: Final action: 6/2/2015
Title: Subject: (Direct Referral) A request for HOME Housing Investment Partnership Grant funding assistance for the 1520 and 1536 Clark Street project. (Res No. 15-0241) Recommendation of the Community Development Committee on 5-27-15: That the Mayor, City Clerk, and Director of City Development be authorized to execute a written agreement with Lutheran Social Services of Wisconsin and Michigan and Herman & Kittle Properties consistent with their application and federal regulations for $439,000 of HOME funds for the purposes of assisting 11 rental units at 1520 and 1536 Clark Street and, if any presumed funding is not available, staff and the appropriate officials are authorized to increase the level of assistance in the form of a forgivable loan or by decreasing interest rates. Conversely, if the project receives additional assistance from unanticipated sources, staff and the appropriate officials are authorized to increase interest rates and decrease the amount of forgivable loans. Fisca...
Attachments: 1. Staff Memo RE Clark Street, 2. Complete HOME App. LSS HKP, 3. Tab 3. Market Study
Related files: Res.15-0241
Title
Subject: (Direct Referral) A request for HOME Housing Investment Partnership Grant funding assistance for the 1520 and 1536 Clark Street project. (Res No. 15-0241)
 
Recommendation of the Community Development Committee on 5-27-15: That the Mayor, City Clerk, and Director of City Development be authorized to execute a written agreement with Lutheran Social Services of Wisconsin and Michigan and Herman & Kittle Properties consistent with their application and federal regulations for $439,000 of HOME funds for the purposes of assisting 11 rental units at 1520 and 1536 Clark Street and, if any presumed funding is not available, staff and the appropriate officials are authorized to increase the level of assistance in the form of a forgivable loan or by decreasing interest rates. Conversely, if the project receives additional assistance from unanticipated sources, staff and the appropriate officials are authorized to increase interest rates and decrease the amount of forgivable loans.
 
Fiscal Note: The application was submitted in response to the request for proposals (RFP) issued by the Department of City Development.  There are sufficient HOME funds available.