Title
Approval of a Resolution in support of an application to Georgia Department of Community Affairs (DCA) for 2012 low-income housing tax credits for the redevelopment of the Roswell Housing Authority Veranda at Groveway project.
Presented by Michael Fischer, Deputy City Administrator
Body
Item Summary:
An application is being submitted to DCA for low-income housing tax-credits for redevelopment of the Veranda at Groveway housing area. The Roswell Housing Authority has requested the City of Roswell to support this redevelopment and tax credit application with a commitment for HOME Grant funds for two years in the amount of $100,000 ($50,000 from 2012 HOME Grant funds and $50,000 from 2013 HOME Grant funds) and commitment of a $500,000 City Grant. The commitment letter will also include a commitment of $177,587 from the 2013 CDBG allocation.
The above funding allocations are contingent on the successful award of the tax credit investment from DCA and Federal funding of the HOME and CDBG programs.
Committee or Staff Recommendation:
On May 15, 2012 the Administration, Finance, Recreation and Parks Committee recommended placing this Item on the May 30, 2012 Mayor and Council Agenda.
Financial Impact:
No funding impact until such time as DCA approval of Tax Credits.
Presented by:
Michael Fischer, Deputy City Administrator