REPORT TO THE CITY COUNCIL
April 9, 2015
FROM: JENNIFER K. CLARK, Director
Development and Resource Management Department
BY: JOSE TRUJILLO, Housing Manager
Housing and Community Development Division
SUBJECT
Title
RESOLUTION - Adopt Substantial Amendment No. 2015-004 to the FY 2014-2015 Annual Action Plan authorizing $200,000 of HOME Investment Partnerships Community Housing Development Organization (HOME-CHDO) funds to Habitat for Humanity Fresno County, Inc., for the Lotus Avenue/Effie Street single-family housing project and authorize the City Manager to sign all implementing documents as required by HUD and approved as to form by the City Attorney
Body
RECOMMENDATION
Staff recommends the Fresno City Council:
1. Adopt Substantial Amendment No. 2015-004 to the FY 2014-2015 Annual Action Plan authorizing award of $200,000 of HOME Investment Partnerships Community Housing Development Organization ("HOME-CHDO") funds to Habitat for Humanity Fresno County, Inc. ("Habitat") to develop two single family houses on Lotus Avenue and Effie Street.
2. Authorize the City Manager to sign all implementing documents required by the Department of Housing and Urban Development ("HUD") and approved as to form by the City Attorney.
EXECUTIVE SUMMARY
On June 20, 2014, Habitat was selected as the CHDO to receive $200,000 for its Lotus/Effie Single-Family Housing Project. The CHDO Agreement will be structured so the $200,000 CHDO loan is proportionally conveyed to the two proposed homebuyers as a second mortgage. Upon completion of each house, the property will be conveyed through escrow to a low-income homebuyer. Also upon completion, the City will forgive $10,000 of each homebuyer's respective portion of the CHDO loan to make the homes more affordable. In addition to the CHDO second mortgage assistance, the homebuyers will receive "sweat equity" credit toward the purchase of their home as fa...
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