STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize an amendment to the loan agreement with South Dallas Fair Park/Innercity Community Development Corporation for the development of single-family homes for the Scattered Sites project to (1) reduce HOME Investment Partnerships Program loan amount from $1,220,000.00 to $286,775.47; and (2) reduce the number of single-family homes from eleven to five to allow the closeout of the project to occur based on Resolution Nos. 15-1080 and 16-1224 - Financing: No cost consideration to the City
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BACKGROUND
On June 10, 2015, City Council authorized final adoption of the FY 2015-16 HUD Consolidated Plan Budget for the U.S. Department of Housing and Urban Development (HUD) Grant Funds for various programs and authorized adoption of the FY 2015-16 Reprogramming Budget by Resolution No. 15-1055.
On June 10, 2015, City Council authorized a housing development loan agreement (the "loan agreement") in an amount not to exceed $320,000.00 with South Dallas Fair Park/Innercity Community Development Corporation (ICDC), a certified Community Housing Development Organization (CHDO), for construction of five affordable single-family homes located on scattered sites in the Fair Park area by Resolution No. 15-1080.
On August 10, 2016, City Council authorized an extension of the loan agreement from August 20, 2016 to March 30, 2017, by Resolution No. 16-1224. Subsequently, the project was completed in accordance with the amended loan agreement.
In 2016, the City had uncommitted CHDO set-aside funds to use for development activities and approached ICDC to add six more units to the contract for development of new housing. On September 14, 2016, City Council authorized an amendment to increa...
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