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Committee advances revisions to HOME and CDBG awards for three affordable-housing projects
Summary
The committee agreed to send a resolution revising HOME and CDBG awards for three projects — adding $38,000 in HOME to Brewster Wheeler 1 and increasing HOME by about $595,000 plus $19,361 CDBG to the Jefferson Avenue Apartments — to formal with a recommendation to approve; HRD will share prior funding documentation.
On Feb. 12 the Committee of the Whole moved to send a resolution (line item 6.3) to formal with a recommendation to approve revisions to HOME and CDBG awards for three affordable-housing projects. Housing and Revitalization Department (HRD) staff described three adjustments: an additional $38,000 in HOME funds for Brewster Wheeler 1 to cover legal, title and loan-modification costs tied to prior CDBG approvals; a similar adjustment for Brewster Wheeler 3; and an increase to the Jefferson Avenue Apartments award of just over $595,000 in HOME plus $19,361 in CDBG to allow that project to close within weeks.
"The what you have before you is a resolution requesting approval to revise funding for three new construction affordable housing projects," said HRD staff. HRD agreed to share documentation showing where the reallocated dollars came from and the original approvals that council saw in November. Council asked HRD to provide the prior funding approvals so newly arrived council members can review the source and destination of those dollars.
The committee voted with no objections to send the item to formal with a recommendation to approve. The motion does not itself appropriate funds at final council; it moves the resolution into the formal approval process. HRD said the additional dollars will allow one project to reach closing in the next couple of weeks.
