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 Recommendation:
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.
Analysis:
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
$500,000
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.
Options:
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
Fiscal Impact:
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.
Submission Date and Time: 6/22/2012 2:45 PM6/6/2012 11:34 AM____
|
Department: ______________________ Prepared
by: ______________________ Attachments: Yes____ No ______ Advertised: ____Not Required ______ Dates: __________________________ Attorney
Review : Yes___ No ____
_________________________________ Revised 6/10/04 |
Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy
C.M. ___________________ Submitted
by: City Manager ___________________
|
Account No.
_017-0000-331-5210____ Project
No. ___FHLB17________ WF No.
______________________ Budget ______________________ Available
_____________________ |
RESOLUTION 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.
__________________________
Chairperson
ATTEST:
_________________________________
Secretary/City Clerk