Title
RESOLUTION REPROGRAMMING FUNDS FROM THE 2011 PROGRAM YEAR IN THE AMOUNT OF $51,944 AND $4,787 FROM HOUSING REHABILITATION REVOLVING FUND.
Body
CITY PROPOSAL:
RESOLVED, that the city council hereby transfers $51,944 from the 2011 HOME Program Year to the Jay Street Development Project and transfer $4,787 from Fund 261 CD Housing Revolving Loan Fund. The $56,731 was not spent in the 2011 HOME program year, therefore these funds are available for reprogramming. The Jay Street Development Project needs additional funds due to higher than expected clean-up costs at the site and to insure that two housing units will be available to families making 115% of AMI. This resolution will add $56,731 in funds to the existing One Roof contract 22675 as set forth below:
2011 Home Program - Fund 260, Agency 020, Object 5434, Project CD11HM
Sub-Project Activity Project Amount New Grant Difference
HOUS GN 15-1738 One Roof $290,000 $238,056 ($51,944)
CD Revolving Housing Loan Fund - Fund 261, Agency 020, Object 5434
Activity Amount New Grant Difference
Lateral Lines $12,387 $7,600 ($4,787)
2015 Home Program - Fund 260, Agency 020, Object 5434, Project CD15HM
Sub-Project Activity Project Amount New Grant Difference
HOUS CH 15-691A One Roof $17,000 $73,731 $56,731
Statement of Purpose
STATEMENT OF PURPOSE: The environmental cleanup costs at the Jay Street Development were higher than anticipated and there is a need in the community for single-family homes priced at %115AMI, and there are $ 56,731 in program funds from previous program years that are available for housing. The Jay Street Development includes the construction of nine single-family units that will have a mixture of land trust homes priced at %115 AMI and market rate homes, the additional funds will maintain this housing mixture. The funds described in this resolution are only for the Land Trust homes and not for the market rate homes. This resolution replaces 16-0419R.