Sponsor
Alderman Wiser
Title
HOME Housing Investment Partnership Grant for 1520 and 1536 Clark Street Project
Resolved, that the Mayor, City Clerk and Director of City Development are 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 $439,000.00 of HOME funds for the purpose 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.