ACTION REQUESTED:
Title
Communication from the City Manager and Community Development Director with a Request to APPROVE an INCUMBENCY CERTIFICATE and RESOLUTION Accepting a Grant from the Illinois Housing Development Authority (IHDA) for the BLIGHT REDUCTION PROGRAM (BRP), in the Amount of $770,000.00, and AUTHORIZE the City Manager to Executed the TRI-PARTY AGREEMENT.
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BACKGROUND:
The Blight Reduction Program ("BRP") was created in 2014 by the Illinois Housing Development Authority (IHDA) under the Hardest Hit Fund Program, a U.S. Treasury funded resource dedicated to foreclosure prevention and neighborhood stabilization. IHDA utilizes BRP to decrease preventable foreclosures and stabilize neighborhoods by supporting Illinois Units of Local Government and their Not-For-Profit Partners as they target blighted, vacant, residential properties in specific communities for demolition, greening, and eventual reuse or redevelopment.
In September 2015, IHDA released applications for round two of BRP funding. The City partnered with Peoria Citizens Committee for Economic Opportunity (PCCEO) and submitted an application for $962,000 in funding targeting the LISC established Community Core areas in the East Bluff and South Side.
In February 2016, IHDA announced the City/PCCEO BRP grant award of $770,000 for the acquisition, demolition and greening of 22 properties.
The maximum per property reimbursement is $35,000. BRP funds will reimburse the following eligible costs:
- Acquisition (purchase price, lien extinguishment, legal costs, title, recording and transfer fees)
- Demolition
- Greening
The following costs will be front funded to the City and PCCEO:
- Maintenance ($3,000 per property)
- Administrative expenses ($1,750 per property)
The City and PCCEO have started to identify the units to be demolished and will continue to organize the program logistics. IHDA has released the draft of the Tri-Party Agreement to be executed betwe...
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