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Finance Committee -October 21, 2008 <br />CDBG -Davis Street Family Resource Center <br />CDBG Current Status <br />• $700 - $750k/yr in funding <br />• $SOOk yr/net for projects and economic development after admin /social services expenses <br />Senior Center <br />• $lm CDBG on hand <br />• $2m - 2.Sm additional needed thru Section 108 Loan <br />• Section 108 Loan annual costs are over 15 years <br />o $2.Sm: $280k - 175k/yr <br />o $2.Om: $225k - 140k/yr <br />• If $2m Section 108 Senior Center @ $200k/yr; nets $300@r left <br />• Current Section 108 - $lm Broadmoor Plaza (set aside pays) <br />• Per HUD remaining Section 108 capacity $2.8m <br />• $2.8m less $2m =Maximum $800k available Section 108; cost approximately $90k/yr <br />Eligible Proiects <br />• Direct benefit for low income (>50%) <br />• ADA: ramps, public facilities <br />• Infrastructure: streets, sidewalks, drainage (CDBG area) <br />• Neighborhood parks (CDBG area) <br />