Explanation
BACKGROUND: This legislation authorizes the transfer of cash and appropriation in the amount of $1,025,768.40 from Object Class 03 to Object Class 05 in the 2018 HOME Investment Partnerships Program (HOME) grant; authorizes the expenditure of $1,025,768.40 of the FY 2018 HOME monies within the HOME Investment Partnerships Program for the Department of Development; and authorizes the Director of Development to enter into agreements to provide funding for various approved housing programs that will assist first time homebuyers and for-profit and non-profit organizations.
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
Emergency action is requested in order to ensure uninterrupted services.
FISCAL IMPACT: Funds are available in the 2018 HOME grant.
Title
To authorize the transfer of cash and appropriation in the amount of $1,025,768.40 from Object Class 03 to Object Class 05 in the 2018 HOME Investment Partnerships Program (HOME) grant; authorize the expenditure of $1,025,768.40 of the FY 2018 HOME monies within the HOME Investment Partnerships Program for the Department of Development; authorize the Director of Development to enter into agreements to provide funding for various approved housing programs that will assist first time homebuyers and for-profit and non-profit organizations; and to declare an emergency. ($1,025,768.40)
Body
WHEREAS, it is necessary to transfer the cash and appropriation in order to expend funds from the correct object class in the budget; and
WHEREAS, HOME funds will be used to assist 1st 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...
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