The City of Manning and Main Street Manning are pursuing the potential use of Community Development Block Grant (CDBG) funds to build multi-family housing within the Manning city limits. The funds can be used for new construction or adaptive reuse. Adaptive reuse means converting non-residential use structures or buildings into residential use structures or buildings. This grant can be utilized by non-profit organizations or “for profit” private individual/group to develop multi-family housing.
Funding is in the form of a forgivable loan, forgiven after a 10-year period following project completion. There is a maximum per project cap of $3M. At least 51% of the multi-family units must be rented to persons at 80 percent or less of Carroll County median income guidelines. There are further requirements regarding rent limits, Debt Service Coverage Ratio and Green Streets Criteria. We hope local non-profit organizations and/or private individuals/groups will seize upon this opportunity to utilize grant dollars to build multi-family housing in Manning. Additional details and guidelines will be made available in an informational meeting to be scheduled soon. If you wish to attend this meeting, please contact Dawn Rohe, Harvey Dales or Ron Reischl by Sept 27th.