Meeting Date: February 1, 2024
To: Members of the Housing & Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Title
Community Development Block Grant (CDBG) 1st Half Report of Fiscal Year (FY) 2023-2024.
Body
Action Requested:
HRA to receive into record 1st Half Report of Community Development Block Grant (CDBG) Fiscal Year (FY) 2023-2024.
Summary Report:
Attached for reference is CDBG Dashboard (Att. 1) and CDBG Funding Structure (Att. 2).
Residential Rehab
Mobile Home Rehab and Single Family Rehab loans are both administered from this line item.
Mobile Home Rehab Loan- $0 unassigned 2022 CDBG funds remaining. Four (4) MH Rehab loan projects were completed in 2023.
Single Family Rehab Loan- 2023 CDBG funds is available to new applicants.
Down Payment Assistance
In total $75,000 (3 DPA loans) were issued since July 1, 2023. With the expiration of a commitment letter, there is enough funds remaining for one more Down Payment Assistance loan through June 30, 2024.
Alternative Options:
N/A
Financial Impacts:
None. This is a reimbursement program. FY 2023 CDBG Funds were made available to draw from October 2023.
Tentative Timelines:
N/A