Label
Councilwoman Williams
Agenda Review
4/17/2025
RE: O-176-24 HUD grant for Economic Development in Englewood/Junction Area
Title
From: Councilwoman Williams Response requested ASAP
Please provide a breakdown of costs for each line item of this grant.
Body
Referral Response:
APPENDIX 2: PROJECT BUDGET Updated February 2024 (revised December 2023)
Grantee: City of Toledo
Grant #: B-23-CP-OH-1201
Project: Englewood-Junction Neighborhood Revitalization
Project Budget
|
Activity |
CPF |
Other Sources |
Total |
|
Economic Development |
|
|
|
|
Economic Development/Renovation of Swayne Field Shopping Center |
$1,500,000 |
$1,816,000 |
$3,316,000 |
|
Appraisal Gap Funding Initiative |
|
|
|
|
Approximately 30 Soft second mortgages up to $50k per property |
$1,500,000 |
$2,000,000** |
$3,500,000 |
|
Affordable Housing |
|
|
|
|
Net Zero Affordable housing Construction 4 units |
$800,000 |
$500,0000*** |
$1,300,000 |
|
Admin |
$175,000 |
|
$200,000 |
|
Admin (A&E design assistance for Appraisal Gap Funding Initiative renovations and Englewood/Junction Gateway signage) |
$25,000 |
|
|
|
TOTAL |
$4,000,000 |
$4,316,000 |
$8,316,000 |
*CDBG, Section 108 Loan, Swayne Field Shopping Center owner equity
**Bank Home Style Renovation Mortgage will fund first mortgage average of $67,000 per property at anticipated appraisal value in NRSA areas, outcome of 30 properties.
*** NSP Program Income, HOME Funds
A & E design assistance line item of $25k will be used to provide A&E technical assistance to develop renovation scope of work for Bank style renovation mortgages that will be paired with appraisal gap financing, out come of 30 properties. A& E services will also be used to design gateway signage for the Englewood and Junction NRSAs.