HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 0-7 ^ a 0 G s 7
Date: 4/26/2007 Requesting Department: Community Development
Commission Meeting Date: 6/12/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
['Other
Subject: ALLOCATION OF HOME FUNDING FOR FY'2007 - 2008
Purpose of Item:
1
AUTHORIZING THE ALLOCATION OF HOME INVESTMENT PARTNERSHIPS PROGRAM
("HOME") FUNDS, IN THE AMOUNT OF $3,142,367 FOR HOUSING PROGRAMS, THE AMOUNT
OF $1,000,000 FOR DOWNPAYMENT ASSISTANCE AND THE AMOUNT OF $460,262 FOR THE
ADMINISTRATION, FOR THE TOTAL AMOUNT OF $4,602,629; FOR THE 33rd PROGRAM YEAR;
FOR THE DEVELOPMENT OF AFFORDABLE HOUSING; AUTHORIZING THE CITY MANAGER
TO EXECUTE THE NECESSARY DOCUMENTS, FOR ACCEPTANCE OF SAID FUNDS.
Background Information:
It is projected that the HOME Investment Partnership Program ("HOME") funding for Fiscal Year
2007-2008 is approximately $4,602,629.
$1,500,000, of the funds will be used to create the District 1 Homeownership Zone and will be one of
the five awards the District 1 Homeownership Zone receives.
The remaining funds will be used according to Resolution No. 07-0226, adopted April 12, 2007,
allocating funds to the Down Payment Assistance Program, Single Family Rehab Citywide,
Homeownership Projects, Multi Family Rental — No Tax Credit and New Construction- Tax Credit .
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland DefenselNeighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direc�a
Final Approvals
(SIGN AND DATE)
Chief City Manager
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