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CONTRACT K-1718-133: 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 AS AGREED UPON UNDER THE FYE 2018 HOME INVESTMENT PARTNERSHIP PROGRAM TO PURCHASE PROPERTY LOCATED AT 115 AND 117 WEST HUGHBERT STREET TO BE USED AS AFFORDABLE RENTAL HOUSING IN THE CITY OF NORMAN.
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BACKGROUND: On May 9, 2017 the Norman City Council approved the 2017-2018 Action Plan for the Community Development Block Grant (CDBG) and HOME Investment Partnerships Programs. Included in the Action Plan for the HOME Program was Development of Affordable Housing. Each participating jurisdiction is required to reserve not less than 15 percent of the HOME allocation for investment in housing to be owned, developed, or sponsored by Community Housing Development Organizations (CHDO's). The project located at 115 and 117 West Hughbert is being undertaken by Norman CHDO 2015 in the sponsorship role in partnership with the Norman Affordable Housing Corporation. A companion item Contract K-1718-132 with Norman Affordable Housing Corporation is also being considered for funding from the Community Development Block Grant Program.
The HOME Program regulations (24CFR Part 92) requires that before any HOME funds are committed to a CHDO project, a Written Agreement must be executed by all parties and must outline the responsibilities including financial responsibilities of each party. This Written Agreement (Parts 1-4, attached) is between the City of Norman, Norman Affordable Housing Corporation, Inc. and Norman CHDO 2015, Inc. to acquire residential property located at 115 and 117 West Hughbert Street. After acquisition, the property will be owned and operated by the Norman Affordable Housing Corporation. The property is being developed by Ox Collective, LLC in partnership with the University Of Oklahoma Christopher C Gibbs College Of Architecture. Each address consists of two-on...
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