STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 12, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize the execution of a conditional grant agreement in the amount of $1,854,276.00 with Greenleaf Ventures, LLC or an affiliate (Developer), in Coronavirus Local Fiscal Recovery Funds for water-related infrastructure costs related to the construction of up to one hundred twenty-five single-family homes - Not to exceed $1,854,276.00 - Financing: Coronavirus Local Fiscal Recovery Funds
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BACKGROUND
Greenleaf Ventures, LLC submitted a proposal under the City's Notice of Funding Availability (NOFA), issued on August 7, 2020, to receive gap financing in the form of a grant to support the construction of affordable housing units located within the City limits. The NOFA was issued by the Department of Housing and Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP).
Housing administers programs to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City. Specifically, Housing administers the New Construction and Substantial Rehabilitation Program which-where necessary-seeks to provide financial assistance to new developments or substantially rehabilitate existing developments. All projects seeking financial assistance are required to submit a Notice of Intent to apply for financial assistance through NOFA to Develop Affordable Homeownership and Rental Housing. As outlined in the NOFA, multiple sources of funding are available, however, proposed projects must meet specific thresholds to qualify for the use of a specific funding source. At minimum, each proposed project must be composed of at least five affordable units and must achieve...
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