Agenda Information Sheet
DEPARTMENT: Planning and Development/Community Development
CM/ ACM: John Cabrales, Jr.
Date: September 16, 2014
SUBJECT
Title
Consider adoption of an ordinance of the City Council of the City of Denton, Texas, approving a funding agreement between the City of Denton and the Denton Affordable Housing Corporation; providing for the terms of said contract; authorizing the City Manager to execute the agreement and to expend Home Investment Partnership Program funds with respect to the agreement; and providing for an effective date.
Body
BACKGROUND
The Denton Affordable Housing Corporation (DAHC) is a locally-certified Community Housing Development Organization (CHDO). Home Investment Partnership Program (HOME) requirements state that 15% of a participating jurisdiction's funding must be allocated to CHDO-administered programs. On an annual basis, the City of Denton allocates a minimum of 15% of the City's HOME allocation to DAHC for various affordable housing programs. The 2014-15 HOME allocation of $100,000 will provide DAHC with $81,446 in funding for the purchase, rehabilitation and sale of single-family housing units under the Affordable Housing Opportunity Program (AHOP). Down payment and closing costs assistance will also be available for homebuyers. It will be required that all units be brought up to local building codes. The remaining $18,554 will assist DAHC with operating costs. Funds remaining from the 2012 and 2013-year budgets will provide an additional $48,312.80 for AHOP projects and $16,360.00 for operating costs. HOME funds will be reimbursed to DAHC as projects are completed, inspected and appropriate documentation received by the Community Development Division.
OPTIONS
* Approval of City's funding agreement with DAHC;
* Request revisions to the funding agreement for future review.
RECOMMENDATION
Staff recommends approval of the funding agreement with DAHC.
ESTIMATED SCHEDU...
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