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AMENDMENT NO. ONE TO CONTRACT K-1516-10: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA; NORMAN AFFORDABLE HOUSING CORPORATION, INC.; AND NORMAN COMMUNITY HOUSING DEVELOPMENT 2015, INC., AS AGREED UPON UNDER THE FYE 2016 HOME INVESTMENT PARTNERSHIP PROGRAM INCREASING THE CONTRACT AMOUNT BY $105,000 FOR A REVISED CONTRACT OF $495,943 TO CONSTRUCT SIX (6) TWO-BEDROOM UNITS LOCATED AT 301 AND 303 VICKSBURG CIRCLE TO BE USED FOR AFFORDABLE HOUSING.
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BACKGROUND: The Written Agreement (Contract K-1516-10; $390,943) between the City of Norman, Norman Affordable Housing Corporation, Inc. and Norman CHDO 2015, Inc. was approved by the Norman City Council on July 14, 2015. The written Agreement detailed the participation to construct a six unit apartment complex located at 301 and 303 Vicksburg Circle, Norman, OK. HOME funding was utilized in the amount of $250,924 (budgeted in FYE 2013, FYE 2014, FYE 2015 and FYE 2016) along with HOME Community Housing Development Organization (CHDO) funding (budgeted in FYE 2014, FYE 2015, and FYE 2016) to the Norman CHDO 2015, Inc. in the amount of $140,019 for a total investment by the City of Norman of $390,943. The City of Norman funds were combined with $125,000 of funds from Norman Affordable Housing Corporation. At the time of this agreement the estimated project cost was $603,943 with $88,000 contributed to the project in the form of a mortgage with the property as collateral.
The six two-bedroom units will be constructed by Norman CHDO 2015, Inc. in partnership with Norman Affordable Housing Corporation to expand the availability of affordable housing to the community at large. Two of the units will rent at rates affordable to households at or below 50% of the Median Family Income with an approximate rent of $580 per month; and the other four units will rent at rates affordable to households at or below 80% of the Median Family Income or approximately $600 per month. The four ground floor units will ...
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