Explanation
BACKGROUND: This ordinance authorizes the transfer, appropriation, and expenditure of 2015 HOME Investment Partnerships Program (HOME) grant funding from the U.S. Department of Housing and Urban Development (HUD) for the Department of Development’s Division of Housing, as identified below:
FY 2015 G458001 Fund 2201
· Transfer cash and appropriation and authorize expenditure of $64,776.98 from OC 01 to OC 05
· Authorize an expenditure of $251,591.06 that is already in appropriated in OC 05
· Appropriate and expend up to $193,558.33 in OC 05
This is anticipated to be the final ordinance for the FY 2015 HOME grant funds and the appropriation amount of $193,558.33 is the remaining amount to be appropriated to reach the City’s maximum reimbursement amount for this grant.
This legislation represents appropriation for the portion of the 2020 Action Plan, per Ordinance 2162-2019.
This legislation also authorizes the Director of Development to use these funds to enter into contracts to assist first time homebuyers, for-profit, and non-profit organizations with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low and moderate income families.
Emergency action is requested to allow for continuation of services without interruption.
Fiscal Impact: The total remaining amount to be encumbered and expended from OC 05 of the 2015 grant is as follows:
$ 64,776.98 transfer from OC 01 to OC 05, currently not on an ACPO
$251,591.06 already appropriated in OC 05, currently not on an ACPO
$193,558.33 remaining amount to be appropriated, currently not on an ACPO
$509,926.37 amount to be put on the ACPO
Title
To authorize the transfer of cash and appropriation and authorize the expenditure of $64,776.98 from OC 01 to OC 05, authorize an expenditure of $251,591.06 that is already in appropriated in OC 05, and appropriate and expend up to $193,558.33 in OC ...
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