Title
RESOLUTION AUTHORIZING AN INCREASE OF $20,106.07 FY 2025 HOME INVESTMENT PARTNERSHIP PROGRAM.
Body
CITY PROPOSAL:
RESOLVED, that the city council hereby increases the total expenditure of the 2025 Home Investment Partnership (“HOME”) Program by an amount of $20,106.07 due to an increase in the allocation to the city by the United States Department of Housing and Urban Development (“HUD”) from the original estimate of $500,000 to the final HUD award of $520,106.07 and authorizes amendments to the appropriate agreements consistent with the allocations as set forth in Attachment 1.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution finalizes the 2025 HOME portion of the Community Development program. The city budgeted $500,000 for the FY 2025 HUD award to the HOME program in Resolution 25-0067R. HUD officially notified the city of the FY 2025 HOME allocation on May 15, 2025 for the program year that runs from April 1, 2025 through March 31, 2026. The award letter from HUD awarded $520,106.07 to the HOME program, which is an increase of $20,106.07 from the anticipated amount. This reallocation of funds is within the approved contingency plan for HOME funds; therefore, no public hearing was required.