Explanation
BACKGROUND: This legislation authorizes the transfer within the Housing Preservation Fund and the expenditure of $702,941.98 to preserve the local supply of decent, safe, sanitary and affordable housing for low-income families. The Housing Preservation Fund represents the City's commitment to the preservation of housing units affordable to low and moderate income individuals. Funds will be used to provide eligible homeowners with assistance for home repairs through the Roof Repair and Home Safe and Sound programs in order to preserve the housing stock and enable homeowners to remain in their homes.
$702,941.98 is available for this purpose in the 2014 Capital Improvements Budget, Housing Preservation Fund.
Emergency action is requested to avoid interruptions in the delivery of vital program services.
FISCAL IMPACT: $702,941.98 will be expended from the Housing Preservation Fund-2014 Capital Improvements Budget.
Title
To amend the 2014 Capital Improvements Budget; to authorize and direct the transfer of $357,011.54 within the Build America Bond Fund; to authorize and direct the transfer of $345,930.44 within the Housing Preservation Fund; to authorize the Director of the Department of Development to make financial assistance available through the Roof Repair and Home Safe and Sound programs administered by the Housing Division; to authorize the expenditure of $357,011.54 from the Build America Bond Fund; to authorize the expenditure of $345,930.44 from the Housing Preservation Fund; and to declare an emergency. ($702,941.98)
Body
WHEREAS, it is necessary to expend funds from the Housing Preservation Fund and the Build America Bond Fund to preserve the local supply of decent, safe, sanitary and affordable housing for low and moderate income families; and
WHEREAS, funds will be used to provide eligible homeowners with assistance for home repairs through the Roof Repair and Home Safe and Sound programs in order to preserve the housing s...
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