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55 <br /> <br /> WHEREAS, the region has been awarded $655,000, for year five or fiscal year 97/98, <br />in HOME funding of which the City will receive $81,875 to be expended on affordable <br />housing initiatives such as Downpayment and Closing Cost Assistance, Rehabilitation for <br />HOmeownership Program, and Vacant Lot Purchase for construction of tow/moderate <br />income housing; <br /> <br /> WHEREAS, it is a requirement of this grant that projects funded with HOME <br />initiatives money be matched with local funding in varying degrees; <br /> <br /> BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the <br />local match for the above listed programs will be covered by the Housing Initiatives Capital <br />Improvements Program account (26-041-05 t 528) in the amount of $27,291.00. The total of <br />the HL~ money and the local match, $109,166, will be distributed between the following <br />three accounts: Downpayment and Closing Cost Assistance (I 1-042-062t01) will receive <br />$40,938 from HUD and $13,645.50 from the City; Rehabilitation for Homeownership <br />Program (11-042-062101) will receive $40,937 from HUD and $I3,645.50 from the City: <br />and Vacant Lot Purchase (11-042-062101) shall be set up for potential future use. <br /> <br />HOME Program Funds HOME % MATCH <br />(Fiscal Year 97/98) FUNDING REQUIRED <br /> <br />LOCAL <br />.MATCH TOTAL <br /> <br />Downpayment/Closing <br />Cost Assistance <br />(11-042-062101) <br /> <br />$40,938 25% $13,645.50 $54,583.50 <br /> <br />Rehab for <br />Homeownership <br />( 11-042-062101) <br /> <br />$40,937 25% $13,645.50 $54,582.50 <br /> <br />Vacant Lot Purchase $0 <br />(ultimately new construction) <br />(11-042-062086) <br /> <br />25% $0 $0 <br /> <br />$81,875 $27,291 $109,166 <br /> <br /> APPROPRIATION <br />AMENDMENT TO COMMUNITY DEVELOPMENT BLOCK GRANT ACCOUNTS <br /> <br /> WHEREAS, Council has previously approved the appropriation of certain sums of <br />federal grant receipts to specified accounts in the Community Development Block Grant <br />(CDBG) Fund; and <br /> <br /> WHEREAS, it now appears that portions of the amounts originally appropriated to <br />some of these accounts are not needed for the purpose for which they were designated, and <br />that these unneeded funds should be reappropriated for certain other purposes in connection <br />with this grant; now therefore, <br /> <br /> BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the <br />appropriations made to the following expenditure accounts in the CDBG fund are hereby <br />reduced or increased by the respective amounts shown, and the balance accumulated in that <br />Fund as a result of these adjustments is hereby reappropfiated to the respective accounts <br />shown as folloWs: <br /> <br /> Proposed Proposed Proposed <br />Program Revised Revised Revised <br /> Year Account Code Purpose Reduction Addition Appropriat <br /> <br />96-97 18-042-092102 Community Development 5,000 0 <br /> Seed Money <br /> <br /> <br />