Title
RESOLUTION AUTHORIZING AN DECREASE OF $80,268.13 FY 2024 HOME INVESTMENT PARTNERSHIP (HOME) PROGRAM.
Body
CITY PROPOSAL:
RESOLVED, that the city council hereby decreases the total expenditure of the 2024 HOME Program by an amount of $80,268.13 due to a decrease in the allocation to the city by HUD from the original estimate of $580,000 to the final HUD award of $499,731.87 and authorizes changes to contract as set forth below:
2024 HOME PROGRAM - FUND 262, AGENCY 020, OBJECT 5434, PROJECT CD24HM
Sub-Project-Activity Project Original New Difference
CH24-6915A Community Land Trust $152,000 $79,758.87 $72,241.13
New Construction-
One Roof Community Housing
GN24-AD01 HOME City Admin $51,000 $42,973 $8,027
Total HOME Amount decrease $80,268.13
Statement of Purpose
STATEMENT OF PURPOSE: RESOLVED, that the city council hereby decreases the total expenditure of the 2024 HOME Program by an amount of $80,268.13 due to a decrease in the allocation to the city by HUD from the original estimate of $580,000 to the final HUD award of $499,731.87 and authorizes changes to contract as set forth below:
2024 HOME PROGRAM - FUND 262, AGENCY 020, OBJECT 5434, PROJECT CD24HM
Sub-Project-Activity Project Original New Difference
CH24-6915A Community Land Trust $152,000 $79,758.87 $72,241.13
New Construction-
One Roof Community Housing
GN24-AD01 HOME City Admin $51,000 $42,973 $8,027
Total HOME Amount decrease $80,268.13