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