HomeMy WebLinkAbout10-14-19 City Commission Packet Materials - C3. Grant Agreement with HRDC for Funding for Willow Springs PUD and SubdivisionCommission Memorandum
REPORT TO: Mayor & City Commission
FROM: Loren Olsen, Affordable Housing Program Manager Martin Matsen, Director of Community Development
SUBJECT: Approve the Willow Springs Grant Agreement for $240,000 and authorize City
Manager’s signature.
MEETING DATE: October 14, 2019
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Approve the Willow Springs Grant Agreement. BACKGROUND: This development will consist of 24 townhomes, with a mix of 2 and 3 bedroom
homes provided. All 24 units will be affordable to families and individuals making 70% of the area
median income. HRDC intends to place the subject property into their Community Land Trust in order to
maintain the affordability of the units in perpetuity. To comply with the City of Bozeman Affordable Housing Ordinance HRDC will further restrict three of the units with a deed restriction to further ensure affordability. HRDC has requested $20,000 per unit on the first 12 units to act as a permanent
subsidy that will remain with the home in perpetuity and require no subsidies from the City in the future.
This is the final step to finalize the Commissions prior actions on Willow Springs.
UNRESOLVED ISSUES: None at this time.
ALTERNATIVES: As determined by the Commission.
FISCAL EFFECTS: This project was approved for $240,000 from the Workforce Housing Fund.
Attachments: HRDC’s Willow Springs Grant Agreement
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