Title
Approval of a Resolution Authorizing the 2021 Home Fund Capital Awards for Supportive Housing
Recommended Action
Committee Recommendation:
The Home Fund Advisory Board's recommends authorizing the 2021 Home Fund Capital Awards for Supportive Housing to Family Support Center of South Sound for $400,000, Low Income Housing Institute for $150,000, and Housing Authority of Thurston County for $150,000.
City Manager Recommendation:
Move to approve the Home Fund Advisory Board's recommendation authorizing the 2021 Home Fund Capital Awards and authorize staff to proceed to send conditional award letters for the 2021 funding round for the Olympia Home Fund for affordable housing acquisition and construction.
Report
Issue:
Whether to approve the Home Fund Advisory Board's recommendation authorizing the 2021 Home Fund Capital Awards for Supportive Housing to Family Support Center of South Sound for $400,000, Low Income Housing Institute for $150,000, and Housing Authority of Thurston County for $150,000 and authorize staff to proceed to send conditional award letters for the 2021 funding round for the Olympia Home Fund for affordable housing acquisition and construction.
Staff Contact:
Cary Retlin, Home Fund Manager, Executive, 360.570.3956
Presenter(s):
Cary Retlin, City of Olympia
Background and Analysis:
Home Fund Advisory Board Recommendation:
The Olympia Home Fund Advisory Board unanimously recommends making three conditional awards. These will be the first funding commitments for two of these projects, the third award would fill a funding gap so Family Support Center's project can stay on schedule for construction.
Since the Family Support Center's project is nearly fully funded and is the most ready to proceed to constriction already has a Home Fund commitment, the Home Fund Advisory prioritized that project and split remaining funds to the other projects. If the Housing Authority or Low-Income Housing Institute (LIHI) projects are not able to fill...
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