Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of monies within the HOME Investment Partnerships Program for the Department of Development. It authorizes the appropriation of $4,723.00 of HOME funds and the expenditure of $159,135.50 of HOME funds within the HOME Investment Partnerships Program for the Department of Development. The funds will 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. This ordinance is in accordance with the 2010-2014 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated to the Affordable Housing Opportunity Fund and the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO).
Funds are available due to canceled housing projects and due to fact that the final 2012 HOME fund award (per HUD’s signed agreement) was higher than HUD’s original announcement. This meant that the 2012 CHDO Projects 15% set-aside requirement was higher than anticipated.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: $159,135.50 will be expended from the HOME Fund.
Title
To authorize the Director of the Department of Development to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through various approved programs for low and moderate income households; to authorize the appropriation of $4,723.00 from the HOME Fund to the Department of Development; to authorize the expenditure of $159,135.50 from the HOME Fund; and to declare an emergency. ($159,135.50)
Body
WHEREAS, it is necessary to appropriate funds of $4,723.00 from the unappropriated balance of the HOME Fund to the Depart...
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