Title
CONTRACT K-1516-9: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND NORMAN CHDO 2015, INC. IN THE AMOUNT OF $14,000 AS AGREED UPON UNDER THE FYE 2016 HOME INVESTMENT PARTNERSHIP (HOME) PROGRAM.
Body
PROPOSED USE OF FUNDS: The funding requested by Norman CHDO 2015, Inc. will be operational funds for the newly formed Community Housing Development Organization (CHDO). Use of HOME funds for CHDO operating expenses is eligible under Title 24; Subtitle A, Part 92, Subpart E, Section 92.208 of the HOME Investment Partnerships Program.
BACKGROUND: On May 12, 2015, Council approved the CDBG and HOME Annual Action Plans in the total amount of $1,040,525. The funding for this contract was detailed within the HOME Action Plan. The funding for the CDBG and HOME Programs is provided by the U.S. Department of Housing and Urban Development (HUD).
The CDBG and HOME budgets were developed over a series of meetings of the Community Development Block Grant (CDBG) Policy Committee. This committee consists of fifteen members that are elected as designated in the Citizen Participation Plan. The proposed budget was unanimously approved by the Policy Committee on March 11, 2015.
A required component of the HOME Program is that a minimum of 15% of the annual appropriation must be set aside for specific activities to be undertaken by a special type of non-profit called a Community Housing Development Organization (CHDO). The required FYE16 HOME CHDO set-aside is $44,433. A CHDO is a private nonprofit, community based organization that has staff with the capacity to develop affordable housing for the community it serves. In order to qualify as a CHDO, the organization must meet certain requirements pertaining to their legal status, organizational structure, capacity, and experience. Norman CHDO 2015, Inc. has provided all the required documentation, their capacity has been evaluated, and it has been determined that they meet all the required criteria to...
Click here for full text