Title
Grant Application for the Federal Home Loan Bank of Atlanta's Affordable Housing Program (NB)
Explanation
This application requests $60,000 of grant funds to be used as owner-occupied rehabilitation subsidy. The subsidy will be passed on to ten very low-income families to aid in rehabilitation of their homes. The AHP grant funds will be used in conjunction with other funding sources, such as CDBG, HOME and SHIP. These funds will also help address the City's continued effort to provide safe, decent, sanitary and affordable housing to very low-income homeowners.
Fiscal Note
Each income eligible homeowner will receive a $6,000 deferred payment loan towards the cost of rehabilitation to their home.
Recommendation
The City Commission: 1) support a $60,000 grant application to the Federal Home Loan Bank (FHLB) of Atlanta's Affordable Housing Program; 2) approve the grant application submittal to M & S Bank for its review and approval as the member institution; 3) authorize the City Manager or designee to execute the grant application on behalf of the City; and 4) authorize the Mayor to execute a support letter for the grant.