Title
RESOLUTION AUTHORIZING AN INCREASE OF $35,442 FY 2023 HOME INVESTMENT PARTNERSHIP (HOME) PROGRAM.
Body
CITY PROPOSAL:
RESOLVED, that the city council hereby increases the total expenditure of the 2023 HOME Program by an amount of $35,442 due to an increase in the allocation to the city by HUD from the original estimate of $580,000 to the final HUD award of $615,442 and authorizes changes to contract as set forth below:
2023 HOME PROGRAM - FUND 262, AGENCY 020, OBJECT 5434, PROJECT CD23HM
Sub-Project-Activity Project Original New Difference
CH23-6915A Community Land Trust $195,628 $227,526 $31,898
New Construction-
One Roof Community Housing
GN23-AD01 HOME City Admin $53,000 $56,544 $3,544
Total HOME Amount Increase $35,442
Statement of Purpose
STATEMENT OF PURPOSE: This resolution finalizes the 2023 HOME Investment Partnership Program portion of the Community Development program. The city budgeted $580,000 for the FY 2023 HUD award to the HOME program in Resolution 23-0057R and amended with reprogram funds with Resolution 23-0060. The federal Department of Housing & Urban Development (HUD) officially notified the city of the FY 2023 HOME allocation on February 27, 2023 for the program year that runs from April 1, 2023 through March 31, 2024. The award letter from HUD awarded $615,442 to the HOME program, which is an increase of $35,442 from the anticipated amount.
The committee’s recommendation and initial council resolution included a funding contingency plan that stated if the amount received varied more than 2% of the estimated amount, then the community development committee would reconvene and revised the funding recommendations and submit it to the city council. The HOME amount increased by 6%, so a public hearing on the new allocation was required. A 30-day public comment period on the revised HOME funding allocation was held from March 18, 2023 to April 18, 2023 and the community development committee held a public hearing on April 18, 2023 on the new HOME funding allocation amount and recommended approval to the city council with the amounts included in this resolution.