HomeMy WebLinkAbout2005-04-11 05-127 ORDERItem No. Ds-ty
Date: Acord 11, 3005
Item/Subject: ORDER, Accepting a Grant fiom the Maine Assaclation of REALTORWundadon for the
Park Woods Dollars/Famlly Savings Accounts Incentive Program.
Responsible Department: Health and Welfare
Commentary:
Tenants who leave the Park Woods for home ownership or "regular"housing amen leek funds for a down
payment or a security deposit. Further, Park Woods teaches budgeting, encouraging tenants to open
bank amounts - and make good use of their meager dollars, which come from entry level jobs and/or
assistance programs.
We have designed a project which will reward good tenant behaviorwith funds which Na tenant can
receive in the form of a"Park Woods Dollars/ Family Savings Account'. Park Woods Dollars will be
awarded to tenants upon compliance with trsnsgional contracts , completion of lessons in the Tenant
Credentialing Curriculum, notable self-improvement activities, academic work (from GED to college
work), completion of parenting classes, significant contributions to the neighborhood, as examples.
At the end of their tenancy, tenants will cash in the Park Woods Dollars for equivalent US dollars that they
ause to pay a security deposit on their next apartment or a deposit on a home. The maximum dollars
in the savings account would be $600.00, or $25.00 per month of residency at Park Woods. Park Woods
Dollars will be cumulative and conditional. Receipt of the Savings is conditional on a successful
separation from Park Woods.
The Grant from the Resume will provide the initial fund at US dollars. This money will be deposited in an
interest-bearing amount The project will carry no administrative costs, and will be entirely dedicated to
the Park Woods Dollarsprimily Savings Accounts.
Department Head
Manager's Comments:
Recommend approval. Com.
Ott Manager
Associated! Information:
Budged Approval:
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Finance Director
O"Ildtor
x Passage
_First Reading Page 1 ofd
Referral
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AssignMbCouncilor D'E"Ico A riv 11, 2005
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CITY OF BANGOR
(TITLE.) ORDER Accepting Grant from the Maine Association of REALTORS® Foundation for
the Park Woods Dollar/Family Savings Accounts Incentive Program
Bate City cvwn / of the Ctty of&njw.
ORDERED, THAT the City Manager is hereby authorized to accept a grant for Two Thousand
Dollars ($2,WD.110) from Me Maine Association of REALTORSOO Foundation to be used at the
Park Woods Transitional Housing Project for Me Park Woods Dollars/Family Savings Account:
Incentive Program for security deposits.
BE IT FURTHER ORDERED, THAT
The Finance Director u hereby authorized to deposit said funds in an appropriate account and
to take the necessary steps to insure that Mey are used for this purpose.
April 11, 2005
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