DATE: March 27, 2018
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 No. 2018-0026 With Community Housing Partnership For Community Based Development Organization Recipient In The Amount Of $85,000 Which Will Be Used To Construct One Single Family Home. (03/27/18 WS)
body
Purpose
The purpose of this memorandum is to provide the Board of Mayor and Aldermen (BOMA) with information to consider entering into a contract in the amount of $85,000 with Community Housing Partnership as a Community Based Development Organization (CBDO) for the construction of a single-family home.
Background
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. The City received two proposals, one from Community Housing Partnership and one from Hard Bargain Association. This funding will be leveraged with bank funding to insure the home is kept affordable. The home that is produced with this funding will be sold to a qualified buyer that meets the median family income for affordable/workforce housing.
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 Community Housing Partnership (CHP) with $85,000 through the Community Block Development Organization (CDBG) portion of the Community Development Block Grant, (CDBG). These funds will be used as a subsidy to enable CHP to meet the City of Franklin's vision of homeownership with the production of a home that meets affordable levels as defined by The Department of Housing and Urban Developments under CDBG regulations.
To date CHP has received approximately $220,000 in CDBG progr...
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