Explanation
BACKGROUND: This legislation authorizes the appropriation of $500,000, the transfer of $842,796.54 and the expenditure of $1,342,796.54 of Neighborhood Stabilization Program (NSP3) funds from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This modification to the City's NSP3 budget results in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund). Therefore, since the City considers an increase greater than 20% a substantial change it is submitting to the U.S Department of Housing and Urban Development (HUD) a substantial amendment to the NSP3 plan. A public comment period was conducted per NSP3 guidelines for 15 calendar days.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2014 as mandated by the City's NSP3 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer of $842,796.54 and the appropriation of $500,000.00. The $1,342,796.54 of NSP Funds must be expended in Neighborhood Stabilization Program eligible projects and activities. Of the $1,342,796.54, $500,000.00 is from program income and $842,796.54 is from cancelled/transferred obligations.
Title
To authorize and direct the City Auditor to cancel $78,772.19 from an Auditor’s Certificate; to authorize the transfer of $842,796.54 within the General Government Grant Fund; to authorize the appropriation of $500,000.00 from General Government Grant Fund, Neighborhood Stabilization Program 3 grant, to the Department of Development; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expendit...
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