23.404 An Order to Appropriate $420,000 in CPA Funds to Valley CDC for Laurel Street Housing ProjectCity of Northampton
MASSACHUSETTS
In City Council, December 5, 2023
Upon the recommendation of the Community Preservation Committee
23.404 An Order to Appropriate $420,000 in CPA Funds to Valley CDC for Laurel Street Housing Project
Ordered, that
WHEREAS, Valley Community Development submitted a CPA application for construction of 20 affordable apartments at 23 Laurel Street that will be permanently restricted to households earning
60% of area median income or less;
WHEREAS, the project meets the goals of the Housing Needs Assessment and Strategic Plan, by increasing the supply of affordable rental housing for families in a desirable, walkable neighborhood
near transit, open space and recreational opportunities close to downtown, and leverages nearly 13 million in funds from other sources;
WHEREAS, on November 29, 2023, the Northampton Community Preservation Committee voted to recommend that $420,000 in Community Preservation Act funds be used to support the projects.
NOW, THEREFORE BE IT ORDERED,
That $420,000 be appropriated from Community Preservation Act funding to the Valley Community Development Corporation for the Laurel Street Housing project. And, that the grantee meets
the conditions approved by the Community Preservation Committee, the Mayor, and City Council.
Specifically, $232,380 is appropriated from the affordable housing reserve (account #2344930-359933) and $187,620 is appropriated from the CPA Budgeted Reserve (account #2344930-359930).