DATE: February 2, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Chris Bridgewater, Director of Building and Neighborhood Services
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
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Consideration of Resolution 2015-77 Directing the Appropriation of Funds from the Housing Reserve Fund for the Purpose of Reducing the Development Costs Associated with the Construction of a Single Family Home by Habitat for Humanity of Williamson-Maury County (02-09-16 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 the request from Habitat for Humanity of Williamson-Maury County for assistance from the Housing Reserve Fund.
Background
The mission of Habitat for Humanity International is to bring people together to build homes, communities and hope. Habitat of Williamson-Maury County is building homes that will impact lives in part by building quality affordable housing that will be made available to low and moderate income people. The requested allocation of funds from the Housing Reserve Fund will go toward development costs of two (2) single family homes located at 228 Strahl Street and 353 Natchez Street. Development costs would include land acquisition and infrastructure costs associated with sanitary sewer and water development fees (access, system development, tap, and effluent fees). The request is in the amount of $30,000. The current balance of the Housing Reserve Fund is $86,563.30.
Financial Impact
The funds will come from the Housing Reserve Fund, which is intended to support affordable housing development. The current balance of the Housing Reserve Fund is $86,563.30.
Recommendation
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The City’s Housing Commission has recommended the funding of $30,000 be provided to the Habitat for Humanity of Williamson-Maury County. Resolution 2015-77 is recommended for approval.