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Subject: (Direct Referral) A request by the Department of Housing for the use of CDBG funds to create a Home Repair Loan Match Program. (Res No. 15-0327)
Recommendation of the Loan Board of Review from 7-16-15: To request that the Community Development Committee recommend to the Common Council that they allocate $136,939 for owner occupied matching grant programs and $45,646 for rental rehab matching grant projects.
Recommendation of the Community Development Committee on 8-6-15: That the request for $136,939 in CDBG funds for an owner-occupied and $45,646 in CDBG funds for a rental rehab matching grant program be approved.
Further, that the Mayor, City Clerk and Director of City of Development, or their designee, be authorized to execute a written agreement with the Housing Department consistent with its application and federal regulations for $182,585 of CDBG funds for the purpose of matching home repair loans within program guidelines.
Fiscal Note: The Common Council has allocated amounts of $136,939 for owner-occupied properties and $45,646 for rental rehab projects per the 2015 Annual Plan.