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CONTRACT K-1819-123: 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 $191,430 AS AGREED UPON UNDER THE FYE 2019 HOME INVESTMENT PARTNERSHIP PROGRAM TO PURCHASE PROPERTY LOCATED AT 1917/1919 DURHAM PLACE TO BE USED AS AFFORDABLE RENTAL HOUSING IN THE CITY OF NORMAN.
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BACKGROUND: On May 8, 2018, the Norman City Council approved the 2018-2019 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 1917/1919 Durham Place is being undertaken by Norman CHDO 2015 in the sponsorship role in partnership with the Norman Affordable Housing Corporation.
The HOME Program regulations (24CFR Part 92) require 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 1917/1919 Durham Place in Eastridge Addition. After acquisition, the property will be owned and operated by the Norman Affordable Housing Corporation. The property is an existing duplex with three bedrooms on each side. One unit is currently occupied and the lease will remain intact.
Norman CHDO 2015 provided to the City of Norman a Pro-Forma which details the sources and uses of funds for this project. Norman CHDO 2015, Inc., is a Community Housing Development Organization tha...
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