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Commission approves $1 million regrant contract for Inspiritus
Summary
The commission approved a regrant contract to allocate the remaining $1,000,000 of a prior $2,500,000 award to Inspiritus after staff identified an administrative error requiring a new contract term and council approval process.
The Metropolitan Housing Trust Fund Commission voted to approve a regrant contract that will allocate $1,000,000 in remaining funds to Inspiritus.
Staff explained that an earlier effort to amend Inspiritus’s contract was administratively incorrect; because the contract would expire before council consideration, staff recommended issuing a new regrant contract to cover the unspent balance. According to staff, the original award to Inspiritus was $2,500,000; Inspiritus has expended $1,500,000 and approximately $1,000,000 remains to be regranted.
The Chair asked for a motion to approve the regrant contract; a motion and second were received and the Chair announced the motion carried.
Staff told commissioners that Inspiritus is progressing on construction and draw requests and recommended approval of the regrant contract so funds do not lapse before council action.
The commission approved the regrant contract; staff will proceed with the council process required for the participation agreement.
