Item 2C: Approval of Home Investment Partnerships Program Funding To Acquire

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HUD Continuum of Care. St. Vincent de Paul received a grant of $117,000 from Continuum of Care and will apply for State funds in early 2006. St. Vincent de Paul plans to use funding from the HUD Supportive Housing Program and Veteran Administration per diem monies to offset the costs of building management and resident services over time. It will also seek approximately $246,518 from the City’s ongoing housing rehabilitation loan program. The HOME funds will be combined with a bridge loan to acquire this property for the amount of $599,999. The property will require moderate rehabilitation. Financial and/or Resource Considerations Up to $750,000 in Federal HOME funds, along with other local housing resources, were offered through the RFP process for acquisition of existing affordable housing units. Two proposals were received totaling $728,571. Timing Timely City Council action on this proposal is important in order for St. Vincent de Paul to work with existing purchase options and funding sources. RELATED CITY POLICIES The Consolidated Plan 2005 sets objectives of increasing the supply of affordable housing and increasing the range of housing options and related services for special needs populations. The creation of low-income housing, a City Council goal for over ten years, is included in the Growth Management Policies and the HUD Consolidated Plan 2005. COUNCIL OPTIONS The Council may approve or not approve the HPB recommendation. CITY MANAGER’S RECOMMENDATION The City Manager recommends that the council approve use of HOME funds for this project. SUGGESTED MOTION Move to approve the use of HOME funds for the acquisition project described in the memo. ATTACHMENTS A. List of Housing Policy Board Members FOR MORE INFORMATION Staff Contact: Stephanie Jennings Telephone: 682-5529 Staff E-Mail: stephanie.a.jennings@ci.eugene.or.us L:\CMO\2005 Council Agendas\M051128\S0511282C.doc