On June 20, 2016, the City and Habitat entered into a HOME Program Agreement whereby the City agreed to loan the sum of Six-Hundred Eighty-Seven Thousand Three Hundred Ninety-Five Dollars and No 00/100 ($687,395.00) in HOME funds to Habitat to construct sixteen (16) homes in the Butler’s Preserve subdivision.
In proceeding through the construction and sales process, Habitat has encountered some small changes that need to be made to the HOME Program Agreement. Habitat anticipated needing fifteen (15) 3 bedroom/1 bath units and one (1) 5 bedroom/2 bath unit. The 5 bedroom/2 bath unit is being replaced with a handicap-accessible 2 bedroom/1 bath unit. Additionally, some HOME-assisted units have required different modifications than others, and likewise, the amount of HOME subsidy in each unit varies to some extent between the HOME-assisted units.
Staff is requesting authorization to amend the agreement to reflect the unit change above and to reflect that the amount per unit of $42,481.00 is approximate depending on the ultimate construction costs of each Home-assisted unit. The total amount of the loan has not changed.