DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John M. Dugan
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Reprogramming of Home Investment Partnerships (HOME) funds in the amount of $600,000 to Community Housing Development Organization (CHDO) single family new construction set-aside fund.
SUMMARY:
An Ordinance authorizing the reprogramming of Home Investment Partnerships (HOME) funds in the amount of $600,000 available from FY 2014 Multi-family Set Aside to support the CHDO New Construction Set Aside, 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 in accordance with the FY 2010-2015 Consolidated Plan.
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
$3,600,000*
Single-family New Construction
Funding meets the HUD minimum 15% set aside requirement for Community Housing Development Organizations (CHDO's) to develop new affordable housing units, as well as, provide operational support.
$900,000*
Homebuyer Assistance
Providing down payment and closing cost assistance to eligible homebuyers
$426,925
Administration
General grant administration and oversight including legal services, loan servicing, compliance, and grant management.
$480,398
Total
$5,407,323
*Includes May 21, 2015 Council approved amendment
Quarterly, 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 ...
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