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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. IN THE AMOUNT OF $390,943 AS AGREED UPON UNDER THE FYE 2016 HOME INVESTMENT PARTNERSHIP PROGRAM TO CONSTRUCT SIX (6) TWO-BEDROOM UNITS LOCATED AT 301 AND 303 VICKSBURG CIRCLE 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, Inc. and Norman CHDO 2015, Inc. to construct a six unit apartment complex located at 301 and 303 Vicksburg Circle, Norman, OK. HOME funding is available 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 are to be combined with $125,000 of funds from Norman Affordable Housing Corporation. The remaining funds needed for this proposal will be a mortgage with the property as collateral.
DISCUSSION: 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. The project will consist of a single story duplex located at 301 Vicksburg Circle and a two story fourplex to be located at 303 Vicksburg Circle. Both of these vacant lots are currently owned by Norman Affordable Housing Corporation, Inc. and will be donated to the project. Preliminary plans include four of the six units to be designed and constructed to be accessible to persons with a physical disability. Both structures will be served by a common drive and parking area as allowed. Two of the units will rent at rates affordable to households at or below 50% of ...
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