Explanation
BACKGROUND: The City received HOME Investment Partnerships Program (HOME) funds from the United States Department of Housing and Urban Development (“HUD”). During a reconciliation effort it was determined that there were still funds available to draw within the 2016 Grant (G451600) that is set to expire September 30, 2024. In order to utilize this funding on a project an updated environmental review needed to be conducted and authorized by HUD. HUD authorized the updated funding source with the environmental review for the Poplar Fen Place Project which was originally authorized via ordinance numbers 0951-2023 and 2400-2023.
This ordinance will authorize the Director of Finance and Management to initiate a transaction to correct the funding of the Poplar Fen Place project which was funded with various grant years of HOME Investment Partnership Program (HOME) funding. The returning of previously drawn funds in an amount up to $106,721.57 from the 2022 G442102 HOME grant will allow the City to then do a corrected draw utilizing the 2016 HOME Grant G451600 funds which are set to expire and be returned to the Federal Government. The returning of the 2022 funding does not mean that the City loses that funding it simply is a returning of those funds and it will allow those returned funds to be drawn/utilized on another project at a later date. The City will correctly request funding from HUD for reimbursement for eligible expenditures from the 2016 HOME Grant G451600.
FISCAL IMPACT: This ordinance authorizes the expenditure of funds via a correction within the 2016 HOME Grant G451600 to utilize this old funding that is set to expire and would be subsequently returned to the Federal Government, and also authorizes the return of previously drawn funds in an amount up to $106,721.57 within G442102 the 2022 HOME Grant via wire transfer which will be able to be used at a later date on another project.
EMERGENCY DESIGNATION: Emergency action i...
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