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HomeMy WebLinkAboutDept of Commerce HOME ProgramMONTANA DATE: TO: DEPARTMENT OF COMMERCE HOME Program 836 Front Street PO Box 200545 Helena, MT 59620-0545 November 20, 2000 Persons Interested in the Montana HOME FROM: Connie Onstad, HOME Program RE: Summary of FFY2000 HOME Funded Phone: (406) 444-0092 FAX: (406) 444-9774 TDD: (406) 441-2978 The deadline for Federal Fiscal Year (FFY) 2000 HOME Investment Partnerships Program (HOME) grant applications was October 2, 2000. Thirteen applicants competed for $3,811,311 in FFY 2000 HUD/HOME funds. Eleven proposals have been tentatively awarded funding. Cost estimates of the eleven proposed projects total $16,164,666. Below is a summary of the projects. HOME FFY 2000 APPLICANT SUMMARY Applicant Flathead County HOME Grant Request $400,000 $ 32,000 (admin.) Total Project Budget $4,057,000 Flathead County and Glacier Affordable Housing Foundation will joint venture utilizing HOME/CDBG Funds to provide a direct subsidy to assist 34 LM, first- time homebuyers. The grant funds, up to $30,000, will be a zero-interest, deferred payment loan that will be recaptured at the time of sale or refinance of the property. The amount of the subsidy will be the difference between the purchase price and the amount the household can afford to finance. MBOH and Rural Development will provide below-market loans. GAHF will provide closing cost assistance. Applicant HOME Grant Request Total Project Budget Ronan Housing Authority $185,185 $209,259 $ 14,815 (admin.) Ronan Housing Authority in a joint application with Lake County will provide Tenant Based Rental Assistance (TBRA) to an estimated 25 Lake County low and very low-income families over a two-year period. Working Together to Make It Work' 0 HOME Program Page two Applicant HOME Grant Request Total Proiect Budget Town of Terry $277,778 $666,667 $ 22,222 (admin.) The Town of Terry will use HOME funds to assist 20 elderly income eligible homeowners to rehabilitate substandard housing units. The complete project will also include the demolition of 6 other vacant substandard units, and the continued revitalization efforts at the local park. HOME funds will be used only for the homeowner rehabilitation activities. Applicant HOME Grant Request Total Project Budget City of Missoula $400,000 $1,757,995 $ 32,000 (admin.) This project will provide`homebuyer assistance to between an estimated 15 and 20 lower income households. The project'is a continuation and expansion of the HRC Homebuyer Assistance Program. With MBOH and/or Missoula Housing Corporation 1512"d mortgage financing, the program provides deferred payment mortgages to finance the gap between home purchase prices and a family's ability to meet them. Applicant HOME Grant Request Total Project Budget Helena Housing $400,000 $1,671,625 --- QevelopmeniEorp. __,.--- - ----$ -32,200-(6dmin-) -' This project is to provide homebuyer assistance to approximately 26 families in the Greater Helena Area. The project will serve approximately 3 families at 30- 50% of area median income, 12-14 families at 50-80% of area median income and 8-11 families at or below 80% of area median income. The goal is to buy down mortgages and provide down payment and/or closing cost assistance. HOME Program Page three Applicant Miles City Housing Authority HOME Grant Request $300,000 $ 16,000 (admin.) Total Project Budget $831,000 This project will provide tenant-based rental assistance to 20 households for 2 years. This assistance will occur in conjunction with rental rehabilitation activities sponsored with CDBG fund Applicant HOME Grant Reguest Total Project Budget City of Glendive $240,929 $508,661 $ 19,274 (admin.) The City of Glendive proposes to assist 18 homeowners with housing rehabilitation needs. Assistance will also be provided to 4 first time homebuyers by making funds available for down payment/closing costs and/or rehabilitation costs to improve the housing unit. Other funds to facilitate the, project include funds from the City of Glendive, homeowner and homebuyer applicants, Montana Board of Housing and Rural Development. Applicant Northwest Montana Human Resources, Inc. HOME Grant Request $400,000 $ 32,000 (admin.) Total Project Budget $538,933 Northwest Montana Human Resources, Inc. (NMHR) proposes to continue the Senior Home Repair Program to preserve units of affordable housing throughout Flathead County by providing home rehabilitation for a minimum of 32 low to moderate-income senior citizen homeowners. Other funding sources include Columbia Falls Aluminum Company - Universal Systems Benefits Charges, City of Kalispell, First Citizens Bank, Wells Fargo Bank and Glacier Affordable Housing Foundation. Additional leveraged funding will come from NMHR's Weatherization Program and Rural Development. HOME Program, Page Four Applicant HOME Grant Request Total Project Budaet Mineral County $205,000 $1,416,716 $ 16,400 (admin.) Mineral County proposes to provide homebuyer assistance to an estimated 10- 15 first-time homebuyers with annual incomes between 50% and 80% of area median income. . The assistance will be provided in the form of no interest, deferred payment mortgage loans with down payment and closing cost assistance as needed. Other funding sources include the Human Resource Council XI, Montana Board of Housing, Rural Development and homeowner contribution. Applicant HOME Grant Request Total Project Budaet homeWord $327,714 $2,030,708 $ 25,994 (admin.) homeWord. proposes to :construct 17 apartments for rent by families that have incomes in the 15-45% range of area median. This project is designed to meet the needs for flexible residences where people can live-and work. Funding sources include Montana Power Company, Low Income Housing Tax Credits and a HUD Special Purpose grant. Applicant HOME Grant Request Total Project Budget City of Hamilton $400,000 $2,476,102 Town of Darby $ 32,000 (admin.) Town of Stevensville This joint application submitted by Hamilton, Stevensville and Darby expands the existing Homebuyer Assistance Loan program through HRC XI. The proposed project will provide homebuyer assistance to an estimated 20-25 first-time homebuyers with annual incomes between 50% and 80% of the area median. Other funding sources include Montana Board of Housing, Rural Development, HRC IX and potential homeowner contribution.