HomeMy WebLinkAbout2015-03-23 15-119 ORDERCOUNCIL ACTION
Item No. 15-119
Date: March 23, 2015
Item/Subject: ORDER, Awarding a $50,000 Forgivable Loan to Community Housing
of Maine
Responsible Department: Community & Economic Development
Commentary: This Order would authorize the City Manager to execute an agreement with
Community Housing of Maine (CHOM) to provide up to $50,000 in a forgivable CDBG funded loan to
renovate a four unit property located on Fourth Street. The CHOM project would mirror the
successful model in place at its Charles Street location and the soon to be completed Pier Street
project. Bangor Area Homeless Shelter will provide supportive and transitional services to the
tenants. The agreement is contingent upon CHOM securing the additional funding needed for the
project. Forgiveness of the loan would be based upon meeting a CDBG national objective by
providing housing for the identified population.
The Business & Economic Development Committee reviewed and recommended this item for approval
at its March 17, 2015 meeting.
Tanya Emery
Department Head
Manager's Comments:
eco`
City Manager
Associated Information: Order
Budget Approval:
Finance Director
Legal Approval:
X;>/
Ci Solicitor
Introduced for
X Passage
First Reading
Page _ of
Referral
Assigned to Councilor Baidacci
CITY OF BANGOR
15-119
MARCH 23, 2015
(TITLE.) ORDER, Awarding a $50,000 Forgivable Loan to Community Housing of Maine
WHEREAS, Community Housing of Maine (CHOM) has made the request as a part of its
proposed redevelopment of a property located on Fourth Street into a four unit
supportive housing project; and
WHEREAS, CHOM will implement the same model as it did at its Charies Street and soon to
be completed Pier Street projects; and
WHEREAS, CHOM will partner with Bangor Area Homeless Shelter, who will provide
supportive and transitional services to the tenants; and
WHEREAS, the forgivable loan will be contingent upon CHOM securing the remaining funding
needed and will be forgiven at a rate of 25% percent for every year that housing
and services are provided to the identified population, meeting a CDBG national
objective:
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The City Manager is authorized to enter into a forgivable loan agreement for $50,000 with
Community Housing of Maine in a final form approved by the City Colicitor or Assistant City
Solicitor.
IN CITY COUNCIL
MARCH 23, 2015
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
CITY CLERK