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CONTRACT NO. K-1314-144: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, NORMAN AFFORDABLE HOUSING CORPORATION, AND FOOD AND SHELTER, INC., IN THE AMOUNT OF $534,403 UTILIZING HOME PARTNERSHIPS FUNDING AND COMMUNITY HOUSING DEVELOPMENT ORGANIZATION FUNDING TO PURCHASE AND REHABILITATE A SIXTEEN-UNIT APARTMENT COMPLEX LOCATED AT 2304, 2306, 2308, AND 2310 GLEN OAKS DRIVE TO BE USED FOR AFFORDABLE HOUSING IN THE CITY OF NORMAN.
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BACKGROUND: This Written Agreement is between the City of Norman, Norman Affordable Housing Corporation and Food and Shelter, Inc. to purchase and rehabilitate a sixteen unit apartment complex located at 2304, 2306, 2308, and 2310 Glen Oaks Drive. HOME Investment Partnerships funding in the amount of $300,000 (budgeted in FYE 2009, FYE 2010 and FYE 2013) along with Community Housing Development Organization funding (budgeted in FYE 2011 and FYE 2012) to the Norman Affordable Housing Corporation in the amount of $134,403 to be combined with $100,000 of funds from Food and Shelter, Inc. will fund the project. The remaining funds needed for this proposal will be a combination of a mortgage with the property as collateral and a deferred payment mortgage to Food and Shelter, Inc. from the Norman Affordable Housing Corporation. The Department of Housing and Urban Development has designated the City of Norman Community Development Block Grant Program and the HOME Partnership Program as entitlement recipients and each year, each program receives federal funding. The use of these funds is determined by a citizen participation process and is detailed in the annual action plan approved by City Council
DISCUSSION: The sixteen two-bedroom units will be utilized by Food and Shelter, Inc. to expand the availability of affordable housing to not only their clients but to the community at large. Rental proceeds from these units will be maintained by Food and Shelter to further their mission. Currently fourteen of the sixt...
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