Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of 2019 HOME Investment Partnerships Program (HOME) program income in an amount up to $449,926.26 received as a result of repayments from recipients of grant funding from the U.S. Department of Housing and Urban Development (HUD) to fund personnel costs for the Division of Housing in an amount up to $44,992.63 and 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 in an amount up to $404,933.63.
In 2018, the Department of Development changed how it prepares its annual HOME budget and when program income is used. Before the 2018 budget/program year, program income was to be used in the same year it was received. In 2018 and later, program income is receipted the year it is received, but it is not utilized in the budget (expended) until the following year. In FY 2019, $449,926.26 of program income was received and none of it was appropriated in 2020 as the first few ordinances put forth appropriated 2020 grant funds.
This legislation represents appropriation for the HOME portion of the 2020 Action Plan, per Ordinance 2162-2019.
Emergency action is requested to allow for continuation of services without interruption.
Fiscal Impact: $449,926.26 in program income was receipted in 2019 and available in Fund 2201 G451901 for HOME projects in the 2020 HOME budget.
Title
This ordinance authorizes the appropriation and expenditure of 2019 HOME Investment Partnerships Program (HOME) program income in an amount up to $449,926.26 received as a result of repayments from recipients of grant funding from the U.S. Department of Housing and Urban Development (HUD) to fund personnel costs for the...
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