Thursday, August 14, 2008

Evanston to receive additional $423K in CDBG funds; Walnut streetscape fund established

Cincinnati City Council has approved the transfer of $423,334 in Community Development Block Grant (CDBG) funds to aid Evanston's homeowner rehab loan program.

In 2005, council approved $2 million for Evanston capital improvements, $723,334 of which Evanston community officials have earmarked for a program that will provide forgivable deferred loans of up to $5,000 for owner-occupants in the neighborhood to correct code violations and to make other exterior improvements.

Because a portion of the funds in the capital project account aren't compatible with the scope of the homeowner loan program, the CDBG funding will be combined with $300,000 from the capital account to close the financing gap.

Evanston representatives are currently working with the City's Department of Community Development to develop projects that will utilize the remainder of the $2 million in capital improvement funds.

Evanston's CDBG funding will be taken from an account originally established for streetscape improvements around Peebles Corner in Walnut Hills, which is still in the design phase.

The Walnut Hills funds will be replenished by money from the Evanston capital account and, when combined with $750,000 in economic development bond proceeds from the Walnut Hills tax increment financing district, will create a new Walnut Hills streetscape capital account.

Previous reading on BC:
Finance Committee discusses changes on streetscape TIFs (12/26/07)
City taking action on streetscape TIFs (11/1/07)
Council authorizes bonds for Evanston, Walnut Hills streetscapes (9/24/07)