CARVER HEIGHTS/MONTCLAIR AREA
COMMUNITY REDEVELOPMENT AGENCY
Item No: 4C.
Meeting Date: June 11, 2012
From: Chris Edwards, CRA Manager
Subject: Resolution authorizing Staff to participate in the Federal Home Loan Bank of Atlanta (FHLBA) Community Investment Services Programs for funding of the Mispah and Simmons Avenue Apartment Complex Rehabilitation Project.
Staff recommends approval of the request to make application to the Federal Home Loan Bank of Atlanta (FHLBA) Community Investment Services Affordable Housing Program and accept the grant, if awarded.
The Carver Heights CRA Board at its previous meetings gave approval to staff to purchase a 12 unit apartment complex located at Mispah and Simmons Avenue to be used as the Housing Incubation Program (HIP). The Federal Home Loan Bank of Atlanta is offering $500,000 in grant funding with no required City match. These funds are to be used by non-profit organizations to acquire and renovate multi-family units that will be used for the purpose of providing affordable rental units. FHLBA requires the governing Board to execute the attached resolution in the specific form as well as two other documents attached. The application is due July 2, 2012.
The FHLBA potential funding will provide the Carver Heights CRA with additional funding as follows:
1. Property acquisition $100,000
2. Infrastructure improvements 100,000
3. Rehab costs
12 units @ $25,000 each 300,000
In addition to the above, the Carver Heights CRA is currently negotiating an agreement with Lake County that will provide additional grant funding to help with this project. This agreement will be presented on a future agenda.
1. Approve the resolution authorizing Staff to apply for the Federal Home Loan Bank of Atlanta grant and accept, if awarded; or
2. Such alternative action as the Commission may deem appropriate
The Carver Heights CRA 2011-2012 budget must be amended to reflect the increased revenues and expenditures associated with the FHLBA grant, if awarded. There is no required City match for this grant funding.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _017-0000-331-5210____
Project No. ___FHLB17________
WF No. ______________________
RESOLUTION OF THE CARVER HEIGHTS/MONTCLAIR COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING STAFF TO PARTICIPATE IN THE FEDERAL HOME LOAN BANK OF ATLANTA (FHLBA) COMMUNITY INVESTMENT SERVICES PROGRAMS; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CARVER HEIGHTS/MONTCLAIR COMMUNITY REDEVELOPMENT AGENCY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to participate in the Federal Home Loan Bank Community Investment Services Program to provide affordable housing. The Federal Home Loan Bank of Atlanta whose address is 1475 Peachtree Street, NE, Atlanta, Georgia 30309 will grant Carver Heights CRA permission to make application for funding to acquire and rehabilitate a multi-family residential complex to provide affordable rental units in Leesburg.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _11th____ day of _June___ 2012.