City Administrator Anthony Nussbaum explained this will hopefully allow the time frame on the grant received for the project to be extended. Initially there was a 6-month time frame. Nussbaum feels the City can likely receive a 12-month extension.
The Rural Workforce Housing Fund program helps address local workforce housing shortages and support economic stability. The Council action will allow the city to provide up to $50 thousand in zero-interest financial assistance secured by a second-position lien.
Nussbaum says other entities involved with the project are also supporting the effort including EDGE, which has committed financil support of up to 50 percent of the total assistance made available under the program. In addition, Miller-Monroe Company who has the house listed for sale has committed to contribute its listing commission less any buyer agent commission, toward the assistance pool, contingent upon being awarded the listing agreement for Rural Workforce Housing Fund Project #2 at 606 Morehead Court.
Adopting the program will allow the City to responsibly close out the 1612 Fulton Street project and protect the public investment while advancing workforce housing objectives.
