Grand Forks Finance/Development Committee to discuss HOME funds
With three apartment projects in mind, Grand Forks city staff is seeking City Council guidance on spending HOME funds at tonight's Finance/Development Committee meeting.
With three apartment projects in mind, Grand Forks city staff is seeking City Council guidance on spending HOME funds at tonight’s Finance/Development Committee meeting.
The $420,000 in federal HOME funds opened up after the city closed the Down Payment and Closing Cost Assistance Program in October due to lack of use, said Meredith Richards, urban development deputy director.
While the cost assistance program was a slower way to use up the federal funds, the HOME-qualifying apartment projects city staff will present to the Finance/Development Committee tonight are “shovel-ready,” Richards said.
The three proposed apartment projects are:
n Cherry Heights Elevators:
Cherry Heights, at 110 Cherry St., is a 76-unit, three-story housing project that primarily serves elderly and disabled tenants, according to information in tonight’s meeting agenda packet. It has only one elevator, so residents have been stranded when it breaks down.
The elevator is in need of upgrades that will take it out of service for several weeks. It will be about $250,000 to install a new second elevator and upgrade the existing one.
n Riverside Manor Exterior Rehabilitation:
Council allocated $228,000 in 2014 HOME funds to refurbish the brick in this historic building at 813 Lewis Blvd., which has 38 units of affordable rental housing, mainly for elderly residents.
Other areas of the building also need attention, like the roof, gutters and exterior.
n Acquisition of Markham Apartments
This 64-unit complex is just south of downtown at 615 1st Ave. S. It is a 48-unit building with two 6-plexes and one 4-plex.
It would cost $250,000 in HOME funds for to acquire the project and keep it as affordable housing, according to the agenda packet’s information.
Markham Apartments is also near Northlands Rescue Mission and could be a good place for the shelter’s residents in transition into permanent housing, according to the agenda packet.
There aren’t enough HOME funds available to fully fund all three projects, which is why city staff members are seeking the Council’s guidance, Richards said.