RM 06-21-74 - Laserfiche WebLink

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6, OLD BUSINESS (Cont'd) 12 and the residents' suggestions. The recommendations were taken from the public hearings, staff recommendations and PAC recommendations, shared with Councilman Terry S. Miller and the Housing Committee of the Southeast Side. A draft has been pre- pared dated today, June 21, 1974, for the Neighborhood Develop- ment Irogram Guidelines. Copies of the draft were given to the Redev lopment Commissioners, and if agreeable to the Commission, Mr. L anon said he would like to receive a favorable recommenda- tion o give to the City Council to make a presentation for the next ouncil meeting to provide for the administration of the progr m. Mr. Lennon advised the ordinance has been passed by City Council appropriating $438,000 in revenue sharing funds for the area. Funds cannot be spent until an amendment to the Ordinance is presented to the City Council for approval. Submitted to the Council for the first reading a week ago was that the program would be administered by the Department of Community Develop- ment and that Community Development would propose the guidelines for the administration of the program and also that the guidelines not be made a part of the ordinance so that the Redevelopment staff and the Advisory Committee can make the changes as we go along. The Advisory Committee would screen the applicants for grants and loans and be comprised of four neighborhood residents, three technical experts in real estate mortgages and construction, and two city officials (ex- officio, the Executive Director of the De- partment of Community Development and the Director of the Bureau of Housing), and recommend to the Redevelopment Commission the grant recipients and the amounts of the grants and loans. Mr. Hollis Hughes, Director of Housing, would be responsible for the grog am. The,guidelines establish eligibility for the grants and loans to individuals, with the requirements that they must be a homeowner (which include land contract buyers) and the individual must re- side in the project area. The ordinance was passed for $438,000 in revenue sharing funds. The outlined sections shown on the draft are the recommendations of the Southeast PAC Committee. The area designated for 80% of the grant monies ($275,000) is to be used in the area bounded by Broadway, High, Calvert and Michigan. The size of the grant and loan would be determined by a sliding scale based on family size, age and income, at the discretion of the Advisory Committee. The grant maximum is $5,000 with loans at 3% over a 10 -year period which could be a combination grant and loan with the recommendation of the Advisory Committee. Grants to non - profit groups would be bonafide, non - profit group, to be approved by the Advisory Committee- -one grant per group, with additional loans available. The monies not used by the non- profit grou s shall be used for individual grants. $50,000 is allocated for on- profit grants and loans.