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2010-2014 Consolidated Plan - City of Champaign

2010-2014 Consolidated Plan - City of Champaign

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) Improve the condition <strong>of</strong> rental properties in the <strong>City</strong>’s low- and moderate-incomeneighborhoods. 53% <strong>of</strong> the <strong>City</strong>’s housing stock is rental property. Much <strong>of</strong> the affordable rentalproperty is located in the lower income neighborhoods which contain the oldest housing stock in the<strong>City</strong>. Private investment has not been enough to keep these units well-maintained. Additional publicfunding is required to ensure that the <strong>City</strong>’s rental properties continue to provide a viable source <strong>of</strong>affordable housing for low- and moderate-income families.Activities:Rental Rehabilitation Program: This program provides matching funds for the renovation <strong>of</strong> rentalhousing stock. To be eligible for the program, rental units must be affordable to households at 60% <strong>of</strong>median family income. Property owners must match the <strong>City</strong>’s investment in the units on a 1:1 basis.Repairs will focus on code requirements, removal <strong>of</strong> lead paint hazards, and exterior repairs thatprovide an overall neighborhood improvement benefit. The program will be targeted to Preservation<strong>Plan</strong>ning Areas 1, 2, and 8 and expanding into Conservation Areas if funding allows. Pilot programbegan in FY 2006/07.Inputs: $29,998 HOME Funds (FY 2005/06), $29,998 property owner matchNumber and Type <strong>of</strong> Households to be Assisted (Outputs): 2 rental units total(2 renter households at

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