ORDINANCE NO. 250492
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Sponsor: Director of Housing and Community Development Department
Accepting the recommendation of the Housing Trust Fund Advisory Board to rescind the $225,260.00 award previously allocated to Allenwood Properties, LLC for 2809, 2811, 2815 E. Linwood Avenue; and reducing a $225,260.00 appropriation in the Housing Trust Fund and appropriating such sums to the Unappropriated Fund Balance of the Housing Trust Fund.
***Held Until 9/30/2025***
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WHEREAS, on December 20, 2018, by Committee Substitute for Ordinance No. 180719, the City Council established the Housing Trust Fund to implement neighborhood revitalization, housing development, and preservation projects proposed by the City and in coordination with private developers that are undertaking projects in alignment with the City's Housing policy; and
WHEREAS, on November 4, 2021, the City Council passed Ordinance No. 210873 establishing the Housing Trust Fund Advisory Board to review applications, with reporting requirements, and funding allocation direction and prioritization of fund use; and
WHEREAS, on February 2, 2023, by Ordinance No. 230084, the City Council accepted the recommendation of the Housing Trust Fund Advisory Board to allocate $225,260.00 in funding to Allenwood Properties, LLC, for the rehabilitation and preservation of nine affordable housing units at 2809, 2811, and 2815 E. Linwood Avenue; and
WHEREAS, the Housing and Community Development Department maintains a 12-month contracting policy for awarded projects, which Allenwood Properties, LLC, has exceeded after not securing all financing needed to enter into a funding agreement; and
WHEREAS, the Housing Trust Fund Advisory Board provided an extension in September 2024 allowing the developer additional time through January 2025 to pursue additional funding sources; and in January 2025, upon learning that the funding gap remained, the Board granted a final 60-day ext...
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