ACTION REQUESTED:
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Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria CAPITAL FUND BUDGET for Fiscal Year 2014 Relating to a GRANT from the ILLINOIS HOUSING DEVELOPMENT AUTHORITY for the ABANDONED RESIDENTIAL PROPERTY MUNICIPALITY RELIEF FUND (APP), in the Amount of $75,000.00.
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BACKGROUND:
On June 24, 2014, City Council approved an incumbency certificate and resolution accepting a grant from the Illinois Housing Development Authority (IHDA) for the Abandoned Residential Property Municipality Relief Fund (APP), in the amount of $75,000 (Council Item # 14-253).
The APP was created in 2010 when Governor Quinn signed the Save Our Neighborhoods Act. Funding for the Program was expanded by subsequent legislation that Governor Quinn signed into law in 2013. Funding for the Program is derived solely from foreclosure filing fees paid by lending institutions and collected by the county clerk in which the foreclosure is filed. The collection of additional filing fees began in June 2013.
Grant funds may be used for securing, maintaining, demolishing or rehabilitating abandoned homes. Strategically reviewing areas in the City that could benefit from increased resources, staff will focus awarded APP funds for the far south side neighborhoods for demolishing abandoned and vacant homes.
Funds are available from IHDA for the program and City staff have begun project activities.
FINANCIAL IMPACT: Increase in Capital Fund revenues and expenditures in the amount of $75,000.
NEIGHBORHOOD CONCERNS: There is a continued need for additional resources to mitigate blighting influences, such as abandoned and vacant properties, in our community's neighborhoods. While no direct comments have been received by City Staff, it is anticipated that these funds would be a welcome resource to increase capacity to demolish such structures in the far south side neighborhoods...
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