Title
Approval for the Mayor and/or City Administrator to execute an amended contract with North Georgia Community Housing Development Corporation for the Neighborhood Stabilization Program (NSP1) Grant.
Presented by Michael Fischer, Deputy City Administrator
Body
Item Summary:
On June 21, 2010, Mayor and City Council approved two Certified Housing Development Organizations (CHDO) to implement the NSP1 grant funds with a 50/50 allocation in partnership with the City (i.e., North Georgia Community Housing Development Corporation, a Habitat for Humanity - North Central Georgia affiliate and Find A Way Home, Inc.). Find A Way Home, Inc. notified the City on June 28, 2010 that they had decided not to participate in the NSP1 grant funds, therefore, this action will allocate the remaining 50 percent to North Georgia Community Housing Development Corporation.
The Neighborhood Stabilization Program grant funds must be encumbered by the City before August 20, 2010. The housing partner(s) grant funds of $678,042 must be contractually obligated before September 5, 2010. The housing partner will use the grant funds to purchase bank-owned foreclosed properties for rehabilitation and resale to low to moderate income families.
Committee or Staff Recommendation:
Staff recommends approval.
Financial Impact:
None
Presented by:
Danny Blitch, Grants Manager
Michael Fischer, Deputy City Administrator