DATE: February 20, 2020
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Tom Marsh, Director Building and Neighborhood Services
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
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Consideration Of COF Contract No. 2020-0044, A Contract With The Hard Bargain Association For Receipt Of Community Development Block Grant Funds From The City Of Franklin As Reimbursement For Costs Associated With Construction Of Single-Family Homes That Benefit Low To Moderate Income Residents. (WS 3/10/20)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) to consider a contract with the Hard Bargain Association as a Community Based Development Organization (CBDO). This contract will reimburse the Association for costs incurred for construction of single-family homes for low to moderate income residents.
Background
The City of Franklin has identified affordable housing development as an important issue in the community. This category of funding is available to non-profit organizations that are certified as a CBDO and will be leveraged with bank funding toward the development of single-family affordable homes in the Hard Bargain Mount Hope neighborhood.
This agreement facilitates reimbursement of the Hard Bargain Association up to Fifty-Thousand and no/100 Dollars ($50,000) for costs incurred for construction of new single-family homes for low to moderate income residents. Costs may be associated with acquisition of vacant land, new construction and/or acquisition and rehabilitation of existing structures.
Invoices may be submitted while the project is in progress as work is performed and the City may choose to reimburse the organization for incremental expenses incurred as work is completed and inspected for satisfactory progress. Finally, payment is subject to satisfactory completion of all work as determined by City staff.
Financial Impact
This contract...
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