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· City Capital Projects: Neighborhood Park Improvements - $70,000 will be used to construct a pedestrian path adjacent to the Trainsong Neighborhood, one of Eugene's lowest income neighborhoods. This path will provide a safe place for pedestrians and bicyclers along Bethel Drive from Roosevelt Blvd. to Highway 99 North. A total of $35,000 is being allocated to install a hard surface (similar to the one installed at Scobert Park) under the play equipment at Monroe Park, located at 10th and Monroe in the Westside Neighborhood. · Economic Development - $710,000 in program income will be used to fund loans to businesses creating jobs for low-income persons through the Business Development Fund and the Emerging Business Loan Pool. Loans may also be made through this category to eliminate slums and blighted conditions. · Administration - $416,120 in new funds will be used on project implementation, fair housing activities, preparation of the Consolidated Plan 2005, the City's Central Services Allocation, the annual audit, and general program administration. This is a 1% increase over the 2003-04 allocation. HOME and ADDI Programs - The proposal allocates $1,144,174 in new HOME grant funds and $512,000 in HOME program income to the following established program areas. It also allocates $123,612 from the ADDI program. The ADDI program was signed into law on December 16, 2003. This program was created to assist the first-time homebuyer in purchasing a single-family home by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. The funds were awarded to the Eugene-Springfield Consortium and will be administered as part of the HOME Program. Next year, the consortium with receive two fiscal years' worth of the ADDI funding. The funds will be split 70/30 between Eugene and Springfield, as is done with the HOME funds. ADDI funds must be used for downpayment assistance prior to drawing HOME funds. · Acquisition/New Construction - $972,548 in HOME funds is available for acquisitions and new construction. Eugene conducts an annual Request for Proposals to allocate these funds for new construction projects. These funds will be allocated through a process which is currently underway. Proposals were received in February and are being reviewed by the Allocations Subcommittee of the HPB. The HPB will forward a recommendation for action by the City Council in May 2004. · Downpayment Assistance - $123,612 in ADDI funds will be used in conjunction with carryover HOME funds to provide downpayment assistance through Eugene's Homebuyer Assistance Program (HAP). Up to $4,000 is provided at closing. The funds are repaid to the City upon resale of the home. There will be adequate funding to support a goal of 40 downpayment assistance loans next program year. · Interim Financing - Eugene continues to offer interim financing on affordable housing projects. This method of financing supports the affordability of local housing projects and allows Eugene to expend HOME funds in a timely manner. Interim loan program amounts totaling $512,000 are estimated for fiscal year 2004-05, primarily from the St. Vincent dePaul Santa Clara Village project. · CHDO Operating Funds - $57,209 in HOME funds (Eugene's portion) is available for operating expenses for local Community Housing Development Organizations (CHDOs). The 5% allowed for L:\CMO\2004 Council Agendas\M040412\S0404122C.doc