1 / 10

Cumberland Housing Authority Neighborhood Conservation Initiative Application

Cumberland Housing Authority Neighborhood Conservation Initiative Application. Cornerstone Hill Redevelopment Project . Neighborhood Conservation Initiative. Federally funded response to address impact of foreclosure crisis Maryland received $22 million dollars

johana
Download Presentation

Cumberland Housing Authority Neighborhood Conservation Initiative Application

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Cumberland Housing AuthorityNeighborhood Conservation Initiative Application Cornerstone Hill Redevelopment Project

  2. Neighborhood Conservation Initiative • Federally funded response to address impact of foreclosure crisis • Maryland received $22 million dollars • Housing authorities, CDBG entitlement communities, and counties eligible • Household income levels are 120% of Area Median Income ($77,000 for a family of 4)

  3. Housing Authority Proposal Three part proposal to create permanently affordable housing for working families: • Purchase and redevelop the Cornerstone property as a multi-income community over the next 2-4 years • Create a shared-equity gap finance tool for assisting families purchase foreclosed and abandoned properties • Creation of Rolling Mills Land Trust for the purpose of land banking foreclosed and abandoned property

  4. Cornerstone Hill • Purchase property at 70-80% of market value • Finish 15 existing units and 5 units with poured foundations • Sell first 5 and reinvest in rest of project • Land bank the remaining 37 lots to develop

  5. Cornerstone Hill • Full Development utilization could include: • 120% Working Family Ownership • Affordable lease-to-own • Senior homeownership • Senior rental housing

  6. Shared Equity Finance Tool • Gap financing that enable income eligible families to purchase homes at an affordable price: • Function similar to down payment assistance, but creates an equity ownership position in the home • At sale home owner gets their proceeds from the sale minus the percent of equity purchased by Housing Authority • Requesting $300,000 (Up to 10 home purchase of foreclosed and abandoned properties)

  7. Rolling Mills Land Trust • Create Land Trust to purchase and bank abandoned and foreclosed properties for future development • Targeting properties for comprehensive approach to future development and neighborhood enhancements such as “greening” activities and uses. • Requesting $200,000 (targeting 4 – 6 properties)

  8. Project Timeline • Application Submittal January 15,2008 • Award announcements by March • Close on Cornerstone by end of April • Completion of Cornerstone Phase I w/in 9 months of close • Project Manager hired by April 1st • Cornerstone Phase II – completed by Mid-2010 • Additional Funding for Phase III Cornerstone sought in Summer/Fall 2009

  9. Additional Information • Housing Authority will hire a project manager to coordinate project • Already adding additional Development Department staff to ensure current projects come to fruition • Potential for creating long-term revenue streams for Housing Authority

  10. Possible Project Partners • Cumberland Housing Alliance • PERHL Inc. • Garrett County Community Action Agency • Garrettlands Realty • Arrisbrook Builders • Allegany County HRDC • First United Bank & Trust

More Related