The Federal Home Loan Bank of Topeka, Kan., has approved an Affordable Housing Program Grant to benefit residents of Miami, according to a statement released by the The City of Miami Department of Community and Economic Development.
Larry Eller, grant coordinator for the City of Miami, said last week that the $100,000 grant will provide down payment assistance to 20 working families wanting to purchase new homes in a planned city-sponsored subdivision. The First National Bank and Trust Company of Miami is the sponsor for the project.
The award supplements a $400,000 Community Development Block Grant awarded by the Oklahoma Department of Commerce in September. That grant allowed the city to buy land and install infrastructure for the 20 home sites.
Additionally, the Oklahoma Housing Finance Agency recently awarded the City $119,999 to assist in the construction of eight homes. Earlier, a Housing Trust Fund loan of $180,000 was awarded to provide temporary financing for new home construction.
“Funding from the programs will help to reduce home costs to affordable levels for working families in Miami,” Eller said.
“We appreciate the First National Bank and Trust Company of Miami supporting the City in this project by sponsoring our application to the Federal Home Loan Bank of Topeka,” said Miami Mayor Brent Brassfield. The City of Miami is also very appreciative of the funding from the Oklahoma Department of Commerce, Oklahoma Housing Finance Agency, and the Federal Home Loan Bank of Topeka who have all stepped forward and supported the city in its efforts to build 20 affordable, single-family homes outside of the flood plain.”
Miami lost more than 100 homes in the July flood, according to Brassfield.
“Working families will be the big winners as they will now be given the opportunity to purchase new homes outside of traditional flood plain area in the City of Miami,” said Miami City Manager Michael Spurgeon. “This grant was critical to making new homes affordable and offers hope when there has been so much despair for many families who lost so much in the flood.”
“Families buying the homes will pay full property taxes to support the local school system and other units of local government,” Spurgeon said.
In a related announcement the Federal Home Loan Bank has awarded an $186,000 grant for the Neosho Ridge Addition, a privately owned housing project, which will help to fund the construction of 24 rent-to-own single family homes in Miami.
The Bank of Oklahoma sponsored the project which is awaiting the award of tax credits from the Oklahoma Housing Finance Agency.
“The two projects have the potential to create 44 new homes within the City of Miami and outside the floodplain, helping to better disaster-proof the community from future floods,” Eller said.