DATE: October 29, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Tom Marsh, Director Building & Neighborhood Services
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
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*Consideration of Contract 2019-0311 with Community Housing Partnership for the 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.
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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 Community Housing Partnership (CHP) as a Community Based Development Organization (CBDO). This contract will reimburse CHP 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. The City solicited proposals from qualified non-profit organizations that are certified as CBDO(s) to develop affordable housing for low to moderate-income residents of the City of Franklin. This funding will be leveraged with bank funding toward the development of a single-family affordable home as defined by Department of Housing and Urban Development (HUD) standards.
This agreement facilitates reimbursement of the Community Housing Partnership up to Sixty-Three Thousand Six-Hundred Seventy-Two and No/100 Dollars ($63,672.00) 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...
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