Explanation
BACKGROUND: This ordinance authorizes the transfer of cash and appropriation and authorizes the expenditure of 2018 HOME Investment Partnerships Program (HOME) grant funding from the U.S. Department of Housing and Urban Development (HUD) for the Department of Development’s Division of Housing, as identified below:
FY 2018 G451801 Fund 2201
· Transfer cash and appropriation of $38,773.08 from OC 01 to OC 05
· Transfer cash and appropriation of $124,899.99 from OC 03 to OC 05
· Expenditure of $163,673.07 from OC 05
This is anticipated to be the final ordinance for the FY 2018 HOME grant funds.
This legislation represents appropriation for the HOME portion of the 2020 Action Plan, per Ordinance 2162-2019.
This legislation also authorizes the Director of Development to use these funds to enter into contracts to 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 to allow for continuation of services without interruption.
Fiscal Impact: The total remaining amount to be encumbered and expended from OC 05 of the 2018 grant is as follows:
$ 38,773.08 transfer from OC 01 to OC 05, currently not on an ACPO
$124,899.99 transfer from OC 03 to OC 05, currently not on an ACPO
$163,673.07 amount to be put on the ACPO
Title
To authorize the transfer of cash and appropriation of $38,773.08 from OC 01 to OC 05 and $124,899.99 from OC 03 to OC 05, both in the 2018 HOME Investment Partnerships Program (HOME) grant; to authorize the expenditure of $163,673.07 in the 2018 HOME Investment Partnerships Program (HOME) grant; to 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 organi...
Click here for full text