DATE: October 28, 2014
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, ACA-Community and Economic Development
Chris Bridgewater, Director Building & Neighborhood Services
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
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Consideration of Contract #2014-0154 for the Receipt of Community Based Development Organization (CBDO) funding to Hard Bargain Association. (10/28/14 WS)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning granting CBDO funding to Hard Bargain Association. Consistent with the objectives of the City of Franklin's Consolidated Plan for Housing and Community Development, the City awards funding to a qualified non-profit organization. The agreements facilitate funding the CBDO's with $65,017 of Community Development Block Grant, (CDBG) funds to develop affordable housing.
Background
The City of Franklin has identified affordable housing development as an important issue in the community. The City solicited proposals from qualified non-profit firms that are certified as CBDO(s) to develop affordable housing for low to moderate-income. Only organization submitted a proposal which is Hard Bargain Association. This funding will be leveraged with bank funding to continue with the development of the five (5) affordable homes in the Hard Bargain Mount Hope neighborhood. Hard Bargain Association also received funds from Contract 2014-006 in the amount of $29,860.66 in the previous program year for the same purpose.
2014 Annual Action Plan Expenditures (Resolution 2014-28)
Emergency Rehab |
$ 86,687.00 |
Community Based Development Organization |
65,017.00 |
Homeownership/Fair Housing Counseling |
10,000.00 |
Public Facilities |
50,000.00 |
Administration |
52,925.00 |
Total (anticipated $264,629.00 entitlement) |
$264,629.00 |
Financial Impact
This contract will be funded in full ($65,017) by the Community Development Block Grant (CDBG).
Recommendation
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Staff recommends approval of the proposed contract.