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Development Fund and the Emerging Business Loan Pool. Loans may also be made through this <br /> category to eliminate slums and blighted conditions. <br /> <br /> · Micro-enterprise Business Development Services - $25,000 in new grant funds will be used to <br /> fund micro-enterprise business development services such as training for Eugene low-income <br /> micro-business entrepreneurs participating in the Lane MicroBusiness Program. The City will <br /> issue an RFP for these services. <br /> <br /> · Administration - $420,000 in new funds will be used for project implementation, fair housing <br /> activities, the City's Central Services allocation, the annual audit, and general program <br /> administration. This is a 1% increase over the 2004/05 allocation. <br /> <br />HOME AND ADDI <br />The Eugene-Springfield Consortium will receive $1,551,084 in Federal HOME funding in fiscal year <br />2005-06. The funds will continue to be split 70/30 between the two jurisdictions with Eugene receiving <br />$1,085,759 and Springfield receiving $465,325. HOME funds can be used for new construction or <br />rehabilitation of housing units which will be affordable to low- and moderate-income households, for <br />the acquisition of eligible properties by for-profit and non-profit developers, for tenant-based rental <br />assistance and security deposit programs, for home buyer programs, for support of local Community <br />Housing Development Organizations (CHDO), and for program administration. <br /> <br />In addition to HOME Program funds, the ADDI program was signed into law on December 16, 2003. <br />This program provides downpayment, closing costs, and rehabilitation assistance for first-time <br />homebuyers and will be administered as part of the HOME Program. Next year, the consortium will <br />receive $54,505, split 70/30 between Eugene and Springfield. Eugene would receive $38,154 and <br />Springfield would receive $16,351. The Springfield Home Ownership Program (SHOP) and Eugene' s <br />Homebuyer Assistance Program (HAP) must be funded first from ADDI funds before tapping into <br />HOME funds. <br /> <br /> · Acquisition/New Construction - Projects in this category are selected through a Request for <br /> Proposals process and can be used for new construction of rental and homeownership units or the <br /> acquisition of existing units. At the conclusion of the most recent round, the City Council <br /> approved $1,025,000 in funding for Metropolitan Affordable Housing Corporation's "WestTown <br /> on 8th'' project in downtown Eugene. $782,895 in 2005-06 HOME funds will be combined with <br /> prior years' funds for this project. <br /> <br /> · Downpayment Assistance - $125,000 in HOME funds and $38,154 in ADDI funds will be used <br /> for downpayment assistance through Eugene's HAP. Up to $6,000 is provided at closing to <br /> eligible households. The funds are repaid to the City upon resale of the home. The goal is 35 <br /> downpayment assistance loans next program year. <br /> <br /> · Security Deposit Program - $15,000 will be used for security deposit or rental assistance program <br /> to be considered for implementation at a consortium level by the HPB in the fall of 2005. <br /> <br /> · Interim Financing - It is anticipated that the City will receive $500,000 in program income to the <br /> local HOME account from interim financing loans. Eugene continues to offer short term interim <br /> financing on affordable housing projects. This method of financing supports the affordability of <br /> <br /> L:\CMO\2005 Council Agendas\M050509\S0505092E.doc <br /> <br /> <br />