HomeMy WebLinkAboutIR 6908 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6908
TFgEQ January 24 1984
~pf FORl�p To the Mayor and Members of the City Council Y
rExA`�. Subject: UPDATE ON RENTAL REHABILITATION PROGRAM
'013
On December 22, 1983, the City Council approved changes in the design of
the Rental Rehabilitation Program (M&C G-5841) . Staff had recommended the
changes in order to encourage property owners to participate in the program.
As a result of modifications, staff has approved a loan for the rehabili-
tation of a sixteen unit apartment building in the Mid-South area of the
City. The City's subsidy for this project will be $89,290 or $5,580 per
unit, which is well below the program limit of $8,000 per unit. The
owners will borrow $65,000 for their portion of the rehabilitation cost.
The owners will also complete additional non-code repairs of the property
at their expense. Repayment of the City's loan will begin in ten years,
at 5 percent interest.
Major work items include replacement of the roof, upgrading of the
electrical system, replacing non-vented gas heaters with vented heat,
installing insulation, replacing broken windows, and painting.
Ten of the units are occupied by low and moderate income persons. The
remaining six units are vacant. After the rehabilitation, the six vacant
units will be offered to families on the Housing Authority's Section 8
waiting list. Some of the current tenants will also receive Section 8
assistance.
Additional information is available upon Council request.
o Robert L. Herchert
City Manager
RLH:kc
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS