9978-09 Appropriating $2,463,435 from Community Development (Fund 212), defraying expenses of CED

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St. Joseph County Housing Consortium rehab, private local donations, as well as donated property, have been made available for this project. Mishawaka As previously stated, the aging housing stock in Mishawaka's central city area has shaped the City's five-year plan for allocation of funds. The City's goal is to stabilize its older, historic neighborhoods by removing blighting structures and providing low-moderate income families with home ownership opportunities. In the five-year period that spans 2010-2014, Mishawaka anticipates acquiring and demolishing four vacant, abandoned and/or foreclosed properties each year. Three new construction low-moderate income family homes will be constructed on the cleared lots each year for the First-Time Homebuyer Program; one new construction low-income family home will be constructed on a cleared lot for a Habitat for Humanity family. A combination of NSP, CDBG, HOME, TIF and Federal Home Loan Bank funds will be used for this activity. In the five-year period that spans 2010-2014, Mishawaka anticipates acquiring and rehabilitating two vacant, abandoned and/or foreclosed homes each year. These houses will become homes for low-moderate income participants in the City's Self-Sufficiency Lease-to- Own program. A combination of NSP, CDBG and Federal Home Loan Bank funds will be used for this activity. In the five-year period that spans 2010-2014, Mishawaka anticipates rehabilitating a former high school into 32 apartments for senior citizens (age 55 and older). Construction is anticipated to begin in 2010 and be completed in 2011, with units being available for rent in late 2011. Based on occupancy data from the Mishawaka Housing Authority, it is expected that approximately 80% of the renters will be at or below 50% AMI. A combination of NSP, CDBG, TIF and Federal Hame Loan Bank funds will be used for this activity. As previously stated, the aging housing stock in Mishawaka's central city area has shaped the City's five-year plan for allocation of funds. The City's goal is to stabilize its older, historic neighborhoods by removing blighting structures and providing low-moderate income families with home ownership opportunities. In the five-year period that spans 2010-2014, Mishawaka anticipates acquiring and demolishing four vacant, abandoned and/or foreclosed properties each year. Three new construction low-moderate income family homes will be constructed on the cleared lots each year for the First-Time Homebuyer Program; one new construction low-income family home will be constructed on a cleared lot for a Habitat for Humanity family. A combination of NSP, CDBG, HOME, TIF and Federal Home Loan Bank funds will be used for this activity. In the five-year period that spans 2010-2014, Mishawaka anticipates acquiring and rehabilitating two vacant, abandoned and/or foreclosed homes each year. These houses will become homes for low-moderate income participants in the City's Self-Sufficiency Lease-to- Own program. A combination of NSP, CDBG and Federal Home Loan Bank funds will be used for this activity. In the five-year period that spans 2010-2014, Mishawaka anticipates rehabilitating a former high school into 32 apartments for senior citizens (age 55 and older). Construction is anticipated to begin in 2010 and be completed in 2011, with units being available for rent in late 2011. Based on occupancy data from the Mishawaka Housing Authority, it is expected that approximately 80% of the renters will be at or below 50% AMI. A combination of NSP, CDBG, TIF and Federal Home Loan Bank funds will be used for this activity. 2010-2014 Housing and Community Development Plan 39