07/24/2001 RA RPT 04 - Laserfiche WebLink

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, CITY OF RIVERSIDE CITY COUNCIL/AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: July 24, 200 I 4 Subject: Breakdown of Housing Loans and Grants by Council Ward Background On May 23, 2000 the City Council allocated a total of $765,000 in 2000/2001 CDBG funds to the Riverside Housing Development Corporation ("RHDC") for the operation of a Single Family Housing Rehabilitation Grant and Loan program. At the same meeting they also allocated $500,000 in HOME funds to the Community Investment Corporation ("CIC") for the operation of the Mission Village Down Payment Assistance Program ("MVDPAP"). Together these two programs constitute the City's commitment to single family housing rehabilitation and down payment assistance for the 2000/2001 fiscal year. The following table provides a breakdown by Council Ward of the 2000/2001 housing loans and grants provided by RHDC and CIC. Current Issue RHDC Loans and Grants 2000/2001 Ward # Properties* Total Expenditures Average Loan 1 13 $131,221 $10,094 2 11 $191,749 $17,432 3 7 $116,200 $16,600 4 7 $76,338 $10,905 5 8 $148,400 $18,550 6 6 $115,484 $19,247 7 4 $73,079 $18,270 Total 56 $852,471 $15,222.70 "The figures above indicate the number of properties assisted, not the number of loans and grants made, since occasionally households receive more than one type of assistance (i.e. a Senior Grant and a Deferred Loan). CIC Loans and Grant 2000/2001 Ward # Loans Total Expenditures Average Loan 1 5 $179,340 $35,868 Analysis Because a large concentration ofRHDC's rehabilitation loans and grants are made within the City's CDBG . Target Areas, wards containing one or more of these areas tend to have more loans than those that only c~n1am partial CDBG Areas. Ward I con1ains both the Downtown and the Northside areas, as well as small portIOns of 4-1