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CCHT Request for Letter of Commitment- Page 1 <br />REQUEST FOR HRA ACTION <br /> <br />Date: 02-20-07 <br />Item No: 8.b. <br />Director Approval: Agenda Section: <br /> CB Action Item Description: Letter of Commitment to Central Community Housing Trust for $250,000 <br />for the Rehabilitation of the Har Mar Apartments (HF0039) <br /> 1.0 Background <br /> <br />1.1 On October 17, 2006, the Roseville HRA a pproved by motion support for allocating <br />$350,000 in HRA Funding to the Central Community Housing Trust to assist with the <br />rehabilitation of the Har Mar Apartments. The $350,000 in funding was divided between <br />restricted and unrestricted HRA funds w ith $250,000 in restricted funds and $100,000 in <br />unrestricted (i.e. levied) funds. <br /> <br />1.2 During the 2007 budget process, the HRA e liminated the $100,000 earmarked for CCHT <br />from the HRA budget since CCHT was unable to secure tax credit funding and the project <br />would be delayed for one year. It is antic ipated that the $100,000 will be included in the <br />2008 levy funds for the project. <br /> <br />1.3 CCHT is pursuing other public-sector funding sour ces to aide with the rehabilitation of the <br />Har Mar Apartment Complex. As part of those processes, CCHT needs to demonstrate that <br />they have financial commitments from othe r funding sources. CCHT has asked the HRA to <br />provide them with a letter of commitment for the $250,000 in restricted funding that was <br />approved in October. (Attached is a project status report from CCHT.) <br /> <br />2.0 Discussion of Request <br /> <br />2.1 In October 2006, the HRA did approve provi ding CCHT with $350,000 in funding to assist <br />with the rehabilitation of the Har Mar Apar tment. Although the HRA did not approve the <br />$100,000 in unrestricted funds earmark, it can s till provide $250,000 of restricted funding to <br />this project. Providing a commitment letter to CCHT for the $250,000 is only a continuation <br />of the approval made in 2006. <br /> <br />3.0 Suggested HRA Action <br /> <br />3.1 The interim HRA Executive Director reco mmends providing CCHT with a letter of <br />commitment for the $250,000 in restricted funding approved in October 17, 2006. <br />