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:
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Consideration of Contract 2015-0324 for the Receipt of Community Based Development Organization (CDBO) Program Funding with Community Housing Partnership in the Amount of $30,000 (11/24/15 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 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 $30,000.00 of Community Development Block Grant, (CDBG) funds to Community Housing Partnership for the rehabilitation of an existing home. This home would then be sold to a low-income homebuyer.
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 help purchase and rehabilitate a single family home, which will then be sold to a low-income homebuyer.
Financial Impact
The source of the funding for this contract is from CDBG funds.
Recommendation
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Approval of the proposed contract is recommended.