COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220184

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Reducing $1,400,000.00 from the American Rescue Plan Fund reserve and increasing the American Rescue Plan by $1,400,000.00 to support the redevelopment plan (Phase I) and deferred maintenance of 227 affordable units at Parade Park Homes; and designating requisitioning authority.

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WHEREAS, the City is making numerous strides in addressing housing affordability; and

WHEREAS, Parade Parks Homes did not receive State Tax Credits to fund renovations; and

WHEREAS, Parade Park Homes will be required to raise its carrying charges to accommodate property maintenance, aligning such charges with 40-60% of HUD median family income levels; and

WHEREAS, the City encourages Parade Park Homes to apply for 4% Low Income Housing Tax Credits provided by the Missouri Housing Development Commission; and

WHEREAS, the City has provided support to Parade Park through the use of Central City Economic Development dollars ($900,000.00) and Community Development Block Grant dollars ($1,700,000.00) and wants to provide further support towards redevelopment and maintenance reserves; and

WHEREAS, the 3rd District recognizes its use of Housing Trust Fund dollars and does not intend to request additional Housing Trust Fund dollars in the next fiscal year for 3rd District projects unless more funds become available; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the sum of $1,400,000 is hereby reduced from the reserve of the American Rescue Plan from the following account:

23-2585-125003-619960 Reserve for Unanticipated Cost $1,400,000.00

Section 2. That the sum of $1,400,000 is herby increased in the following account:

23-2585-555998-619080-57PARADE Parade Park Homes $1,400,000.00

Section 3. That the Director of Housing and Community Development is designated as requisitioning authority for Acc...

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