Background:
Each year, the U.S. Department of Housing and Urban Development (HUD) allocates HOME Investment Partnership (HOME) funding to the City. HOME funds have to be spent on housing projects/activities that benefit households at or below certain income levels and must be allocated on an ongoing basis or be repaid to HUD.
Proposed by the developer, Habitat for Humanity QC, the project involves the new construction of three single-family homes to be built on parcels owned by Habitat for Humanity on 6th Street which would be sold to income-eligible households.
Each house would be approximately 1,100 square feet and contain three bedrooms. The total amount of proposed HOME assistance for the three houses would be $308,781 to assist with a financing gap. Eligible households are required to have an income at 80% of Median Family Income, which is approximately $42,250 for a single person and $60,300 for a household of four.
Pending approval of the final underwriting for financial, environmental review and availability of funds, approval would authorize staff to execute the appropriate documents to commit the above sources of funding. The developer anticipates beginning site work by July 2021 and hopes to be completed by October 2022.