Explanation
BACKGROUND: This legislation authorizes the expenditure of $372,932 from the Housing Preservation Fund 782 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 very-low, low and moderate-income individuals. Funds will be used to provide eligible homeowners with assistance for home repairs and home modification through the Home Safe and Sound Program in order to preserve the housing stock and enable homeowners to remain in their homes.
Emergency action is requested to avoid interruptions in vital program services.
FISCAL IMPACT: $372,932 will be expended from the Housing Preservation Fund 782, 2012 Capital Improvements Budget. A CIB amendment is necessary to establish funding authority in the correct project for this expenditure.
Title
To authorize the Director of the Department of Development to make financial assistance available through the Home Safe and Sound Program administered by the Housing Division; to amend the 2012 CIB; to authorize the transfer and appropriation of $250,000.00 within the Housing Preservation Fund; to authorize the expenditure of $372,932.00 from the Housing Preservation Fund; and to declare an emergency. ($372,932.00)
Body
WHEREAS, it is necessary to expend funds from the Housing Preservation Fund to preserve the local supply of decent, safe, sanitary and affordable housing for low-income families of; and
WHEREAS, these monies will provide eligible homeowners with assistance for home repairs and home modification through the Home Safe and Sound Program in order to preserve the housing stock and enable homeowners to remain in their homes; and
WHEREAS, an amendment to the 2012 Capital Improvements Budget and a transfer of cash will be necessary to establish sufficient funding authority in the correct project; and
WHEREAS, emergency action is necess...
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