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APPLICANT: City of Fountain APPLICATION NO: 85-616 PROJECT TITLE: Fountain-Crest Housing Rehabilitation and Code Enforcement Project OVERALL STAFF RATING Low Medium-Minus Medium Medium-Plus High x AMOUNT REQUESTE~: $475,881 PROJECT TYPE: X SP PROJECT DESCRIPTION: MP MJ . Fountain Crest is an area with a high concentration of affordable housing and a high concentration of low and moderate income residents (95%). These factors have placed the area at the top of the priority list for neighborhood redevelopment in the City of Fountain. With a successful CDBG grant in 1984 directed at public improvements, the City is complementing its public improvements with a program on housing rehabilitation and code enforcement. The proposed project is designed to provide affordable loans for housing rehabilitation and grants to qualify senior citizens. The housing program will be supported by a code enforcement program intended to improve environmental conditions. The code enforcement program is not voluntary and is designed to bring rental units up to standard. A 6% loan will be used as induce- ment to encourage investor-owners to repair their properties. PROPOSED PROJECT ACTIVITIES AND BUDGET IBrO. CDBGI Project Fund1 ng Proj ect INat. $L/MI Proj ec t State Other Activi ties Obj. % I Costs CDBG Amount I Source I Status 1 I I 1 I Housing Rehab L/M 95%1$ 410,0001$ 410,0001$ 10,0001 Revolving I Committed (Owner occ.-4%) I 1 1 ILoan Fund 1 (Investor own-45%) 1 I I I I I I 1 I I Code Enforcement L/M 95%1 10,000 I 10,0001 I 1 1 I 1 I 1 Park Construction 1 4,0001 I 4,0001 Conservationl Committed 1 I I ITrust Fund I . Administration I 79,8811 65,8811 4,OOOlCity in-kindlCommitted I I I 1 1 I 1 1 I I I I I I I I 1 I 1 I I I Totals 1$ 493,8811$ 475,8811$ 18,0001 BACKGROUND INFORMATION: a. 19BU Population: b. # L/M Persons: c. % L/M Persons: d. Current Co. Unempl. %: e. 3 Year Co. Unempl. %: f. Assessed Valuation: g. Mill Levy/Overlapping: h. Bonded Indebtedness: i. Sales Tax %/Revenue: 8,324 4,140 50.05% 5.9% (El Paso Co.) 6.4% (El Paso Co.l $18,339,730 10 $1,345,000 2%/$340,000 ************************************************************************************** PROJECT REVIEW FACTORS a. Low/Mod Income Benefit L I M 1 H I I X I I 95% of all housing rehabilitation activities to benefit L/M income persons. Benefit of rental rehab is assured by a rent regulatory agreement that investor is required to sign as a condition of receiving CDBG loan assistance. Approx. half of the City's population is in L/M income category. c. Consistency/ Coordination I 1 I I I 1 I 1 Founta1n Crest (target areal has a h1gh concentrat10n of L/M 1 income residents (95%), and a high concentration of rental I housing stock affordable to L/M income residents. 268 units 1 were identified as suitable for rehab. Program would addressl 18% of need. Also, the $7,500 loan limit may not be ade- I quate. I I 1 I I I I 1. PROJECT IMPACT . b. Need and Extent Addressed ProJect 1S a cont1nuat10n Of the City'S effort to reta1n and upgrade affordable housing for its L/M income households. Proposed project is consistent with City's 1978 Housing Plan and community development plan.