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5 <br /> Mr. O'Connell explained that the Annual Plan is part of the Five Year <br />Consolidated Plan and serves as the City's application to HUD for CDBG and HOME <br />funding. <br /> <br /> Ms. Missy Creasy, Planner in Neighborhood Development Services, said the only <br />change is this year's budget and the addition of the American Dream fundi ng. <br /> <br /> The public hearing was opened, but as there were no speakers the public hearing <br />was closed. <br /> <br /> Mr. Lynch said he would like to increase the 5 year goal for first time <br />homeownership to 100 or 150, noting that at the current rate 100 could be easily rea ched. <br /> <br /> Ms. Creasy said the goal is based on funding. She said the goal has been <br />conservative but can be changed. She said there is enough funding for 20 families. <br /> <br /> Responding to a question from Mr. Schilling, Ms. Creasy said the funds carry <br />over to the next year if not used. <br /> <br /> Ms. Richards asked if there is a risk to increasing the goal, and Ms. Creasy said an <br />explanation would have to be given to HUD and a plan about how to meet the goal. <br /> <br /> Mr. Caravati said that CDBG funding could be a fantasy in the future. <br /> <br /> Ms. Creasy said the program is run by the Housing Authority <br /> <br /> Mr. Schilling asked what is the up side to increase any benefit, and Ms. Creasy <br />said it would show we have aided more people. <br /> <br /> Mr. Schilling said he is not hearing a compelling reason to increase the goal. <br /> <br /> Responding to a question from Mr. Lynch, Ms. Creasy said Piedmont Housing <br />Alliance's programs are not included in our goal. <br /> <br /> Mr. Caravati proposed moving the 5 year goal for rehabilitation of substandard <br />renter - occupied homes and multi - family units to the one year goal, and adding to the 5 <br />year goal the following: develop plans and funding recommendations to rehabilitate an <br />additional 10 rental units. Mr. Caravati said he would not limit this to CDBG funding. <br /> <br /> Responding to a q uestion from Mr. Schilling, Mr. Caravati said he is referring to <br />private rental units. <br /> <br /> Mr. Schilling said he hates to relieve people of their responsibility for rental <br />property. <br /> <br /> Mr. Caravati said Dogwood Housing is the type of program he is referring t o. <br /> <br /> Ms. Richards said she feels it is a worthwhile goal. <br /> <br /> Councilors agreed to increase the first time homebuyer goal to 100. <br /> <br /> Mr. Schilling said interest rates are going up and because of that we may see an <br />increase in the use of this program. <br /> <br /> Mr. Ca ravati said that Section 8 funding is decreasing and he would like all <br />agencies involved to closely watch and report on the impact. He said we should make <br />sure we are tracking this planning district wide. <br /> <br /> Ms. Creasy summarized the proposed changes: inc rease the goal for first time <br />home buyers to 100;. move the 5 year goal for rehabilitation of substandard renter - <br />occupied homes and multi - family units to the one year goal, and add to the 5 year goal <br />