DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John M. Dugan
COUNCIL DISTRICTS IMPACTED: 4, 6
SUBJECT:
Reprogramming of Home Investment Partnership (HOME) funds in the amount of $550,000 to the Palo Alto Apartments in the amount of $500,000 and Habitat for Humanity in the amount of $50,000.
SUMMARY:
An Ordinance authorizing the reprogramming of Home Investment Partnership (HOME) funds in the amount of $550,000 from low performing and cancelled activities to the Palo Alto Apartments in the amount of $500,000 and Habitat for Humanity in the amount of $50,000, substantially amending the FY 2015 Annual Action Plan/Budget.
BACKGROUND INFORMATION:
The City receives an annual award of HOME funds awarded through the U.S. Department of Housing and Urban Development (HUD). These funds are designed to meet affordable housing needs of low and moderate income households and homebuyers. On May 29, 2014, City Council adopted the FY 2015 Action Plan and Budget which allocated HOME funds for the following activities.
Funding Category
Description
Budget
Multi-family Rental Housing
Funds allocated to support financing of Multi-family Tax Credit projects and to support the Wheatley Courts
$3,100,000
Single Family New Construction
Funding meets minimum 15% set aside requirement for Community Housing Development Organizations (CHDO') to develop new affordable housing units, as well as, provide operational support.
850,000
Homebuyer Assistance
Providing down payment and closing cost assistance to eligible homebuyers
426,925
Administration
General grant administration and oversight including legal services, compliance, and program management
480,398
Total
$4,857,323
On a quarterly basis, the City reviews the progress of program funding through current and prior year Action Plans to ensure timely performance of specific programs. Staff produces reprogramming recommendations from completed, cancelled, or low performing a...
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