Title
HOME Affordable Housing Developments
Action
Action:
A. Authorize the City Manager to negotiate and execute contracts with the following organizations for affordable housing developments funded by the federal HOME Investment Partnerships Program:
- CrossRoads Corporation for Affordable Housing and Community Development ($500,000),
- Lakewood Apartments/Urban Trends Real Estate, Inc. ($2,250,000),
- Habitat for Humanity for the Greater Charlotte Region ($1,400,000), and
B. Authorize the City Manager to amend the contracts consistent with the purposes for which the contracts were approved.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Explanation
* Each year the City of Charlotte receives a grant through the HOME Investment Partnerships Program from the U.S. Department of Housing and Urban Development (HUD).
* These funds are designed to increase homeownership and affordable housing opportunities for low and very low-income residents.
* The following proposals were provided in response to an open Request for Proposals released by Housing and Neighborhood Services requesting developments that provide innovative, affordable single- and multi-family housing options for City residents.
* These developments must be completed within the four-year time span allotted by HUD. If an organization fails to complete their development or forfeits the HOME funding for reasons of nonperformance or any other reasons identified by the City, the funds will be redistributed to other HOME-eligible developments.
* Each of the homes funded will have deed restrictions for a minimum of 15 years for homeownership and 20 years for multi-family rental and must adhere to compliance monitoring by Housing and Neighborhood Services staff.
* In response to COVID-19, HUD has waived the requirement that the City provide a match of 25 percent through September 30, 2022; expenditures after this date will re...
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