DATE: November 24, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Chris Bridgewater, Director BNS
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
title
Consideration of Contract 2015-0348 for the Receipt of Community Based Development Organization (CDBO) Program Funding with Hard Bargain Association in the Amount of $120,000 (11/24/15 WS)
body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning this contract, which will further the objectives of the City of Franklin's Consolidated Plan for Housing and Community Development. The agreement facilitates funding the CBDO with $120,000 of Community Development Block Grant, (CDBG) funds to Hard Bargain Association to pay for infrastructure costs for the Hard Bargain planned unit development (PUD) on Mount Hope Street.
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 residents of the City of Franklin. These funds will be used to cover infrastructure costs, such as streets, stormwater, water and sewer, and sidewalks for the Hard Bargain-Mount Hope subdivision. The $120,000 currently proposed is in addition to the $65,017 previously awarded under Contract 2014-0154 (see attached document). Recently, in Resolution 2015-24, funds were allotted from the Housing Reserve Fund in the amount of $30,000 to offset infrastructure costs. The total cost of infrastructure for this 6 unit development is estimated at $380,132. The construction cost of the homes are estimated at $220,000 and the sales price will be set at $140,000.
Financial Impact
The source of the funding for this contract is from CDBG funds.
Recommendation
rec
Approval of the proposed contract is...
Click here for full text