ACTION REQUESTED:
Title
Communication from the City Manager and the Community Development Director with a Request to APPROVE a GRANT AWARD, in the Amount of $600,000.00 in Home Funds, to Phoenix Community Development Services for the Construction of MADISON III. (Council District 2)
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BACKGROUND: The City of Peoria is considered an entitlement jurisdiction by the US Department of Housing and Urban Development (HUD) and receives an annual allocation of funding through the HOME Investment Partnership Program.
HOME funding must be use for the preservation or creation of affordable housing in Peoria. The program often functions as a gap financing tool for developments leveraging private or other public resources.
Madison Apartments III will provide permanent housing and supportive services for homeless youth between 18 and 24-years-old, many who are aging out of the care of the Illinois Department of Children and Family Services (DCFS). The 16-unit project is sponsored by Phoenix Community Development Services (formerly South Side Office of Concern) and will have 9 studio units and 7 1-br units, with all residents at or below 30% AMI.
The project will be new construction. Part of the foundation of an existing building on-site will be left in place and utilized in the construction of the new building.
The development will be 4 stories with service spaces and common area on the first floor and residential on 2nd-4th floors. Madison III will be located next to two other Phoenix developments, creating a campus effect overall.
It is nearly a $5 million project in construction costs with $600,000 in HOME funds being requested to fill the funding gap in the project.
FINANCIAL IMPACT: $600,000 in HOME funds would be awarded to Phoenix Community Development Services
NEIGHBORHOOD CONCERNS: The project responds to concerns of individuals experiencing homelessness by providing additional affordable housing.
IMPACT IF APPROVED: $600,000 would be provided ...
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