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ORDER OF THE BOARD OF ALDERS APPROPRIATING AN ADDITIONAL $5M OF THE REMAINING APPROPRIATION OF THE AMERICAN RESCUE PLAN ACT TO INCREASE THE I’M HOME INITIATIVE RENTAL DEVELOPMENT PROGRAM
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WHEREAS, on March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021
(the “Act”) which includes approximately $1.9 Trillion Dollars in investments designed to address the public health emergency and the direct and adverse impacts to the economy, to people and to community wellbeing; and
WHEREAS, on June 7, 2021, the Board of Alders authorized acceptance by the City of New Haven (the “City”) of the local fiscal recovery fund pursuant to the Act; and
WHEREAS, on January 6, 2022, the US Department of Treasury issued its final rule which regulates the use the local fiscal recovery fund and which takes effect on April 1, 2022; and
WHEREAS, on August 17, 2022, the Board of Alders approved the City’s investment plan of $53 Million Dollars (the “Investment Plan”) for programs to address youth engagement and early childhood; housing
through the I’M HOME INITIATIVE (the “INITIATIVE”); wealth creation and economy; vocational and technical initiatives; the climate emergency; public health and infrastructure; and the New Haven Land Bank; and
WHEREAS, the Board of Alders determined that any remaining funds not allocated in the Investment Plan approved on August 17, 2022 should be presented to the Board of Alders at a later date for consideration in a manner consistent with the Act; and
WHEREAS, the Livable City Initiative (“LCI”) on behalf of the Mayor’s Office is now requesting an additional allocation of $5 Million Dollars for the INITIATIVE, specifically to be used for the development of new rental units for occupants with incomes at or below 65% of Area Median Income (“AMI”) (the
“Rental Development Program”); and
WHEREAS, the Rental Development Program is an established ARPA account MUNIS code: 23143086 and the additional allocation will go into that fund (the “Rental Development Fund”).
WHEREAS, LCI on behalf of the City, has the opportunity to invest in several existing rental development projects which will deliver approximately 162 units to be occupied by those with incomes at or below 65% AMI by the end of 2026, by way of the provision of $3.5M gap financing for the Ashmun/Canal project (58 affordable new units) MLK/Tyler (44 affordable new units) State/Chapel - Beacon (60 affordable new units).
WHEREAS, LCI shall seek to use the remaining portion of the Rental Development Fund of $1.5 M to invest in other pipeline rental projects, delivering approximately an additional 100 affordable rental units at or below 65% AMI by the end of 2026.
WHEREAS, LCI also intends to leverage the Rental Development Fund so as not to exclude any individual or displace any tenant due to the affordability requirements of a specific unit.
NOW, THEREFORE, BE IT ORDERED by the New Haven Board of Alders that:
Section 1. That Justin Elicker, Mayor of the City of New Haven, is hereby authorized and directed to execute such documentation as may be required for funding local recovery funds and other funding as may be made available to the City under the American Rescue Plan Act process (which documentation may include (inter alia) an indemnification of the appropriate federal agency or other public or quasi-public organization involved with respect to the provision of such funding) or vendor and to execute any agreements, amendments, rescissions, and revisions or other documents thereto, and to act as the authorized representative of the City with respect to all other matters pertaining to such application; and
Section 2. The Board of Alders authorizes the City to draw down from the from the American Rescue Plan, local fiscal recovery fund in the amount of $5.M to increase the Rental Development Fund for the purposes of the Rental Development Program, pursuant to the INITIATIVE.
Section 3. The Board of Alders shall determine the program and method for appropriation of remaining funding following receipt and consideration of a request from the Mayor in a manner consistent with the Act.