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Title:
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A Resolution approving a $1.3 million HOME Loan for Victory Crest Senior Apartments, amending the FY 2006 and FY 2009 Annual Action Plans to include the project, its costs and funding sources and reprogramming FY 2006 HOME funds to finance a portion of the project costs
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Title
A Resolution approving a $1.3 million HOME Loan for Victory Crest Senior Apartments, amending the FY 2006 and FY 2009 Annual Action Plans to include the project, its costs and funding sources and reprogramming FY 2006 HOME funds to finance a portion of the project costs
Background
This Resolution (i) approves a $1,300,000 HOME Loan for acquisition and construction of the Victory Crest Senior Apartments (“Project”); (ii) amends the “Annual Action Plan: FY 2006” and “Annual Action Plan: FY 2009” to include the Project, costs and sources of funding; and (iii) reprograms $53,577.61 from the CHDO Set Aside Activities fund (FY 2006) and $847,275 from the Tenant Based Rental Assistance fund (FY 2006) to make up a portion of the HOME Loan. The Project is proposed as a 60 unit rental facility for seniors, to be located on approximately 4.5 acres at 6100 Sargent Road in Hyattsville, Maryland. Primary Project financing will consist of a HUD Section 202 Capital Advance for an estimated $6,719,600; a HUD Predevelopment Grant of $400,000; a $1,300,000 HOME Loan; and $2,865 in developer equity. Total development costs for the Project are $8,422,465.
Because this Resolution amends the “Annual Action Plan: FY 2006” by changing the use of HOME funds from one activity to another, a minimum of one public hearing is required under the “County Citizen Participation Plan FY: 2006-2010,” as amended by CR-81-2005.