Title
Resolution to Amend the Allocation of HOME Funds to Whispering Creek Project LLC for the Acquisition and Rehabilitation of 3331 - 3333 Platt Road from $205,000.00 to $32,636.00 and to Approve the Housing Affordability Agreement ($32,636.00 HOME Funds)
Memorandum
Attached for your review and approval is an amended resolution to allocate $32,636 in HOME Funds to Whispering Creek Project, LLC, a subsidiary of Michigan Ability Partners (MAP), to acquire and rehabilitate six units of transitional housing for disabled persons, with a set-aside for disabled veterans. MAP and HERO will provide on-site and off-site treatment and employment services.
MAP is acquiring two adjacent duplexes at 3331 - 3333 and 3335 -3337 Platt Road. On February 4, 2008 Council approved a resolution for $205,000 for each property R-08-032 and R-08-033. MAP secured $201,501 from the VA, $159,915 from the FHLB, and $25,000 from the County. MAP split these funds equally between the two properties. After the February 4, 2008 Council meeting, MAP learned that the VA was requiring all of their funds to be designated to 3331-3333 Platt Road. Consequently, all of the FHLB funds also needed to be shifted to 3331-3333 Platt Road to provide non-federal matching funds. As a result, most of the City’s funds need to be shifted to 3335 - 3337 Platt. The total funding from the City has not changed.
Old Budget New Budget
3331/3333 3335/3337 3331/3333 3335/3337
City $205,000 $205,000 $32,636 $377,364
County $12,500 $12,500 $0 $25,000
FHLB $79,958 $79,958 $159,915 $0
VA $100,751 $100,751 $201,501 ...
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