Explanation
BACKGROUND: This legislation authorizes the expenditure of $140,589.00 from the FY 2000 HOME Fund for Community Housing Development Organizations (CHDOs). The funds will assist non-profit CHDOs 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 income families.
The funds are made available through a canceled encumbrance. The encumbrance was established for a housing project at 71 Morrill Ave in 2009 for YouthBuild. Due to an arson fire the project has been delayed jeopardizing the timely expenditure of these HOME funds. Therefore, the encumbrance has been canceled in order to make the funds available for another pending project.
Emergency action is requested because these are time-sensitive funds and are able to be invested in another pending project. These canceled funds from FY 2000 must be expended by September 2010 or they will be recaptured by HUD.
FISCAL IMPACT: The monies represent CHDO set aside funds from the FY 2000 HOME fund allocation and are made available through a canceled encumbrance (DL015608).
Title
To authorize the Director of the Department of Development to expend $140,589.00 of FY 2000 HOME Funds for Community Housing Development Organizations for eligible housing projects; and to declare an emergency. ($140,589.00)
Body
WHEREAS, it is the desire of the Housing Division to expend funds from the FY 2000 HOME Fund to Community Development Housing Organizations (CHDOs) to assist low income families; and
WHEREAS, these funds will assist non-profit CHDOs 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 income families; and
WHEREAS, the monies represent CHDO set aside funds from the FY 2000 HOME fund allocation and are made available through a canceled encumbrance; and
...
Click here for full text