Title
2018 Community Housing Development Organization Grants
Action
Action:
Approve the Housing and Neighborhood Development Committee's recommendation to approve federally funded HOME Program Community Housing Development Organization grants for a total of $650,000 to:
? Charlotte-Mecklenburg Housing Partnership, Inc., $150,000, and
? CrossRoads Corporation for Affordable Housing and Community Development, $500,000.
Body
Committee Chair:
LaWana Mayfield, Housing and Neighborhood Development
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Zelleka Biermann, Housing and Neighborhood Services
Explanation
* A Community Housing Development Organization (CHDO) is a non-profit that develops affordable housing for the community it serves.
* The U.S. Department of Housing and Urban Development (HUD) requires the City to award a minimum of 15 percent of its federal HOME allocation to qualified CHDOs for housing development activities serving households earning 80 percent or below of area median income (AMI), or $56,560, in which these organizations are the owners, developers, and/or sponsors of housing.
* The Charlotte-Mecklenburg Housing Partnership, Inc. (Housing Partnership) and CrossRoads Corporation for Affordable Housing and Community Development (CrossRoads) are CHDOs.
* The Housing Partnership is utilizing CHDO HOME funds leveraged with other forms of funding, including private equity, to create homeownership opportunities in Druid Hills for households earning 80 percent of AMI and below. To date, the organization has completed seven homes for qualified families. This grant would fund three additional homes scheduled for completion in February 2019.
* CrossRoads, in partnership with Self-Help Community Development Corporation, has completed 32 homes in Elizabeth Heights, 26 of which were sold to families earning 80 percent of AMI and below. The grant will allow Crossroads to complete eight additional homes of this type.
* Each of the...
Click here for full text