Explanation
BACKGROUND: This legislation authorizes the appropriation of $540,000 and the expenditure of $794,310.13 of General Government Grant Funds from Neighborhood Stabilization Program (NSP1) program income and cancelled obligations. Funds are needed to obligate and expend for eligible projects and activities associated with the NSP.
This modification to the City's NSP1 budget results in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund). Therefore, since the City considers an increase greater than 20% a substantial change it is submitting to the U.S Department of Housing and Urban Development (HUD) a substantial amendment to the NSP1 plan. A public comment period was conducted per NSP1 guidelines for 15 calendar days.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer of $210,000.08 and the appropriation of $540,000. The $794,310.13 of NSP Funds must be expended in Neighborhood Stabilization Program eligible projects and activities. Of the $794,310.13, $540,000 is from program income and $254,310.13 is from cancelled obligations.
Title
To authorize and direct the City Auditor to cancel $210,000.08 from an Auditor's Certificate; to authorize the transfer of $210,000.08 within the General Government Grant Fund; to authorize the appropriation of $540,000 from the General Government Grant Fund, Neighborhood Stabilization Program 1 grant, to the Department of Development; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expenditure of $794,310.13 from the General Government Grant...
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