Explanation
BACKGROUND: The City received HOME Investment Partnerships Program (HOME) funds for the fiscal year of 2022 from the United States Department of Housing and Urban Development (“HUD”). Throughout 2022 the City incorrectly drew money from HOME American Rescue Plan allocation (HOME-ARP) funds for HOME activities. Those HOME-ARP funds must be returned to HUD via wire transfer as soon as possible. The City will correctly request funding from HUD for reimbursement for eligible expenditures from HOME.
FISCAL IMPACT: This ordinance authorizes the expenditure of $83,743.98 from the Grant fund G442102 to correct ineligible reimbursements for the HOME Program.
EMERGENCY DESIGNATION: Emergency action is requested to allow the financial transaction to be processed as soon as possible and to mitigate risk of potential penalties from untimely action.
Title
To authorize the Director of Finance and Management to initiate a transaction to correct the funding for the HOME Investment Partnerships Program funded by the U.S. Department of Housing and Urban Development (HUD) in the amount of $83,743.98 due to money being drawn from an incorrect funding source; to authorize the transfer of $83,743.98 within the HOME Program Entitlement Fund; to authorize the expenditure of $83,743.98 from G442102; and to declare an emergency. ($83,743.98)
Body
WHEREAS, the City received funds from the United States Department of Housing and Community Development (“HUD”) for the HOME Investment Partnerships Program; and
WHEREAS, expenditures occurred and funds were drawn from HUD to reimburse the City from the wrong funding source; and
WHEREAS, internal City review identified the HOME administrative costs drawn from the incorrect funding source; and
WHEREAS, the City is required to return those funds that were drawn from the wrong funding source from HUD; and
WHEREAS, HUD’s Instructions for Returning Funds to the Line of Credit and to U.S. Treasury guidance requires reim...
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