Cumberland Housing Authority Neighborhood Conservation Initiative Application .

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Cumberland Housing Authority Neighborhood Conservation Initiative Application. Cornerstone Hill Redevelopment Project . Neighborhood Conservation Initiative. Federally funded response to address impact of foreclosure crisis Maryland received $22 million dollars
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Cumberland Housing Authority Neighborhood Conservation Initiative Application Cornerstone Hill Redevelopment Project

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Neighborhood Conservation Initiative Federally supported reaction to address effect of dispossession emergency Maryland got $22 million dollars Housing powers, CDBG qualification groups, and districts qualified Household pay levels are 120% of Area Median Income ($77,000 for a group of 4)

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Housing Authority Proposal Three section proposition to make for all time moderate lodging for working families: Purchase and redevelop the Cornerstone property as a multi-pay group throughout the following 2-4 years Create a common value crevice fund device for helping families buy dispossessed and relinquished properties Creation of Rolling Mills Land Trust with the end goal of land managing an account dispossessed and deserted property

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Cornerstone Hill Purchase property at 70-80% of market esteem Finish 15 existing units and 5 units with poured establishments Sell initial 5 and reinvest in rest of venture Land bank the rest of the 37 parcels to create

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Cornerstone Hill Full Development use could include: 120% Working Family Ownership Affordable rent to-claim Senior homeownership Senior rental lodging

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Shared Equity Finance Tool Gap financing that empower salary qualified families to buy homes at a reasonable value: Function like up front installment help, yet makes a value proprietorship position in the home At deal mortgage holder gets their returns from the deal less the percent of value acquired by Housing Authority Requesting $300,000 (Up to 10 home buy of abandoned and surrendered properties)

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Rolling Mills Land Trust Create Land Trust to buy and bank deserted and abandoned properties for future improvement Targeting properties for thorough way to deal with future advancement and neighborhood upgrades, for example, "greening" exercises and employments. Asking for $200,000 (focusing on 4 – 6 properties)

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Project Timeline Application Submittal January 15,2008 Award declarations by March Close on Cornerstone by end of April Completion of Cornerstone Phase I w/in 9 months of close Project Manager enlisted by April 1 st Cornerstone Phase II – finished by Mid-2010 Additional Funding for Phase III Cornerstone looked for in Summer/Fall 2009

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Additional Information Housing Authority will employ a venture supervisor to facilitate extend Already adding extra Development Department staff to guarantee current undertakings work out as expected Potential for making long haul income streams for Housing Authority

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Possible Project Partners Cumberland Housing Alliance PERHL Inc. Garrett County Community Action Agency Garrettlands Realty Arrisbrook Builders Allegany County HRDC First United Bank & Trust

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