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which these deals are able to proceed. During PY 2023-2024, there were no NNUDAG opportunities funded.
● During PY 2023-2024, the CNI revitalization of the Ridley on-site development continued. The Choice Neighborhood Initiative (CNI) projects
involve Phase 2 & 3 housing developments on the former Ridley site, strategically positioned between 12th and 18th streets, covering the
extensive area from Jefferson Ave to Ivy Avenue. These initiatives aim to rejuvenate the community by introducing a diverse array of housing
options. With the objective of enhancing residential opportunities, the development plans include the construction of 155 new rental units and
24 single-family homes for purchase. This holistic approach seeks to address various housing needs within the community.
Among the rental units, 79 will be specifically designated for project-based rental assistance, prioritizing former Ridley Place residents to ensure
continuity and support for the existing community. Additionally, 48 units will cater to families earning less than 60% of the area median income,
addressing affordability challenges faced by many households. Furthermore, 28 units will be available at market rate, offering housing options
beyond subsidized or income-restricted housing.
Construction is currently underway for both phases of the project, with Ridley III-R (phase 1) slated to be finished in August 2024 with lease up
beginning September 2024; while Ridley IV-R (phase 2) is slated to be completed in January 2025 and lease up will begin the following month.
The match liability for the HOME program for the Federal FY 2023-2024 was $32,123. The match requirement was exceeded due to receiving $100,000
from the city, other matches totaling $11,912 and an excess match in the amount of $8,700,749 which is available for the next federal fiscal year.
Fiscal Year Summary – HOME Match
1. Excess match from prior Federal fiscal years $8,556,714
2. Match contributed during current Federal fiscal year $111,912
3. Total match available for current Federal fiscal year (Line 1 plus Line 2) $8,668,626
4. Match liability for current Federal fiscal year $32,123
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