HomeMy WebLinkAboutFunding Adjustments-2002 Home Program
Augusta Richmond GA
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NUMBER OF PAGES: 3
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ATTACHMENT
SUMMARY OF PROPOSED FUNDING ADJUSTMENTS
YEAR 2002 HOME PROGRAM
PRESENTED TO THE CITIZENS ADVISORY COMMITTEE
February 28 and March 18, 2002
The following summarizes the recommended amendments/adjustments that would complete the
Year-2002 HOME Investment Partnerships Program and Action Plan:
1. TRANSFER $250,000 ALLOCATED TO LANEY-WALKER DEVELOPMENT CORP.
FOR EMBELLISHMENTS TO THE SUMMERFIELD EAST PROJECT TO THE
PROPOSED 9TH AND PINE STREET ACQUISITION AND DEMOLITION PROJECT.
This transfer is recommended on the basis of new directions presented by the Laney-
Walker Development Corporation. The proposed project is the principal focus of the
Corporation's request for Year 2002 HOME funding and represents the next phase of
the Corporation's community revitalization efforts in the Laney Walker Community.
These funds will be shifted from current program income dollars to Year 2002 funds.
This will permit the Corporation (in cooperation with HND) to study the proposal and
confirm a realistic redevelopment planning strategy for this area. The Corporation will be
expected to seek additional non-federal funds as leverage to support an intense
redevelopment strategy for the area.
2. ALLOCATE $100,000 TO THE LANEY-WALKER DEVELOPMENT CORPORATION
TO SUPPORT PRE-DEVELOPMENT AND PROFESSIONAL SERVICES RELATED
COST FOR THE PROPOSED 11TH AND PINE STREET ACQUISITION, DEMOLITION
AND REDEVELOPMENT PROJECT.
These funds will support pre-development and professional services costs associated
with the 11th and Pine Street Project. These funds will be restricted to use for the
development of a strategic redevelopment approach to the project and provide the basis
for prioritizing development decisions. Future activities may include collaboration with
other development partners. HND staff will assist LWDC in the management of this
planning and pre-development effort. The proposed funds will be allocated from the
current department program income and will be managed based on a Request for
Proposal (RFP) that will be prepared for release immediately.
3. SUPPLEMENTAL FUNDING IN THE AMOUNT OF $150,000 TO THE 30901
DEVELOPMENT CORPORATION FOR PHASE 11- FAITH VIEW ESTATES. I
These funds will assist in accelerating Phase II activities related to the Faith View
Estates Development. This 14-unit redevelopment project is now under construction lin
this severely distressed section' of the Bethlehem Community. Following PhasE1 I
demolition activities it was evidenced that the real estate and marketing environment for
this project needed to be reinforced. This will be accomplished with the demolition I of
substandard properties and negative environmental conditions that surround the Phase I
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project. It is anticipated that the Phase I construction of the initial 14 homes will be
completed in about 6 months. Therefore, the need for the additional funding and
accelerated schedule is critical to the success of Phase I. To assist in the financing of
the Faith View Estates Development, the 30901 Corporation has secured a commitment
for gap funding in the amount of $750,000.00 from First Union Bank as leverage to
supplement the federal dollars awarded to the Project. To further facilitate this
accelerated approach, the Department has received the State Historic Preservation
Commission executed Memorandum of Agreements for Phase II (Faith View) and
Phase III (Linden Square Seniors Complex).
4. SUPPLEMENTAL FUNDS IN THE AMOUNT OF $25,000 TO EAST AUGUSTA CDC
TO SUPPORT LEASE PURCHASE PROGRAM CONCEPT
The additional funds will assist the EACDC in defining a proposed Lease-to-Purchase
program in relationship to its ongoing acquisition and rehabilitation program. This effort
will be used on a demonstration basis to determine the effectiveness of the Lease-
Purchase option in the City of Augusta affordable housing program. As previously
requested, the Corporation (EACDC) will be required to provide a definitive proposal that
outlines the proposed lease to purchase program prior to use of the funds.
5. SUPPLEMENTAL FUNDS IN THE AMOUNT OF $50,000 TO SUPPORT
ADMINISTRATIVE COST OF THE ANTIOCH MINISTRIES, INC.
These funds will assist Antioch Ministries, Inc (AMI) in supporting its administrative costs
associated with the continued implementation of the Phase II - Florence Street
Revitalization Project. Award of these funds will be based on the project pro forma that
has been submitted by AMI that outlines the financing structure of the Florence Street
Project and relationship of the administrative funds to the implementation of the Project.
A portion of the initial $200K that has been awarded to AMI will be allocated from current
program income to cover the organization's interim administrative expenses. The
Corporation will be expected to seek non-federal funds as leverage to support the
ongoing redevelopment project in the Pine Hill Historic District.
6. $54,430.00 TO SUPPORT INTERNAL HND PROJECT MANAGEMENT ACTIVITIES.
As the Department assumes direct responsibility for the planning, design and
construction of residential properties, these funds will assist the Department in
supporting internal management activities associated with defining and implementation
of a concentrated rehabilitation program and intense code enforcement program in
selected target areas. These efforts will be further coordinated with the Department's
anticipated contract with the Augusta Affordable Housing Foundation that will facilitate a
new relationship with the local Habitat for Humanity organization.
The above recommendations are consistent with the Augusta Consolidated Plan and promotes
the continuation of an aggressive affordable housing development strategy for Augusta-I
Richmond County. Agenda item will be prepared for submission to the Administrative Service~
Committee and the Augusta-Rict'lmond County Commission. The final recommendations will
then be advertised for public comment over a 30-day period. I
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YEAR 2002 PROPOSED ACTION PLAN
HOME INVESTMENT PARTNERSHIP PROGRAM
AMENDMENT NO.1
RECONCILIATION OF PROPOSED FUNDING ADJUSTMENTS
CHDO/ ACTIVITY PROJECT 2002 PLAN AMENDMENT NEW FUNDING
HND Rehabilitation Program 225,000 0 225,000.00
HND Rental Rehabilitation Program 100,000 0 100,000.00
HND Home Ownership Program 50.000 0 50,000.00
30901 Development Inc. Phase II - Faith View Estates 200,000 150,000.00 350,000.00
Sand Hill N. A. Start-Up Costs - New CHDO 200,000 0 200,000.00
Antioch Ministries, Inc. Phase II - Florence Street Revital. 200,000 50,000.00 250,000.00
Augusta Housing Found. HABITAT Partnership 100,000 0 100,000.00
Promise Land CDC Acquisition/Rehab Program 150,000 0 150,000.00
HND Administration 2002 HOME Prog. 145,700 (800.00) 144,900.00
Laney Walker DC Pine AcquisitionlDemolition Proj. 250,000 100,000.00 350,000.00
East Augusta CDC Lease-Purchase Program Devel 75,000 25,000.00 100,000.00
HND HND - Professional Services 0 54,430.00 53,630.00
TOTAL HOME FUNDS $1,695,700.00 $378,630.00 $2,074,330.00
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