City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 18, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER/s/
DOCKET TITLE:
TITLE
Consideration of a Community Development Block Grant (CDBG) Budget Transfer From the Home Rehabilitation Loan Program to Habitat for Humanity of Northern Virginia (Habitat).
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ISSUE: Allocation of funding to support Habitat for Humanity of Northern Virginia (Habitat) in rehabilitating and selling a Habitat-owned home to an income-qualified first time buyer, and associated budget transfers.
RECOMMENDATION:
1) Approve a budget transfer of $50,000 in Community Development Block Grant (CDBG) monies from the Home Rehabilitation Loan Program (HRLP) to the Housing Opportunities Fund (HOF), and
2) Approve the allocation of $50,000 from the HOF to Habitat to assist in funding the rehabilitation of a resale restricted affordable homeownership unit.
DISCUSSION: Habitat is a local nonprofit affiliate of Habitat for Humanity International that works to build and sell safe, decent and affordable homes to low and moderate income buyers. Habitat constructed the residence at 1107 Princess Street in 1999 to provide an affordable homeownership opportunity to a lower income Alexandria household. Partial funding for the initial project and two other Habitat homes on Princess Street was provided through an earmark of federal funds through an initiative branded as "The Homes that Congress Built." The original assisted purchaser resided in the home until 2013 at which time she moved out of the area and sold the home back to Habitat in accordance with the terms of her mortgage agreement. The property is a two-story, wood frame construction home with three bedrooms and one bath, and is located in the City's Parker Gray District. Habitat wishes to preserve the home as an affordable home...
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