Subject: Communication sponsored by Mayor Mason requesting the use of non-federal revolving loan funds of up to $14,337 for New Construction at 1644 S. Memorial Drive. Recommendation of the CDBG Advisory Board on 02-10-25: To approve the allocation of up to $359,263 in HOME funds and $14,337 in non-federal revolving loan funds for the redevelopment of 1644 S. Memorial Drive, with the completed property to be sold to a HOME-eligible homeowner. Fiscal Note: Sufficient HOME funds are available to cover the $359,263 allocation, and $14,337 in non-federal revolving loan funds will be used to bridge the funding gap for the new home construction. When the completed property is sold, $14,337 of the revenue will be used to replenish the Non-Federal Revolving Loan Fund, and any remaining revenue will be reinvested into the HOME Fund.

Committee

Community Development Block Grant Advisory Board

Requested by

City Development Department

Introduced

February 5, 2025

On agenda

February 19, 2025

Passed

February 19, 2025