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• APPROPRIATION <br />FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) <br />$105,700 <br />WHEREAS, the Council has previously approved the City's application for <br />Housing Opportunities Made Equal (HOME) funding from the Department of Housing <br />and Urban Development (HUD), <br />WHEREAS, the region has been awarded $560,000 in HOME funding of which <br />the City will receive $84,000 to be expended on affordable housing initiatives such as <br />Downpayment and Closing Cost Assistance, Rental Rehabilitation Loan Program, and <br />Vacant Lot Purchase for construction of low/moderate income housing, <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 />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 <br />Capital Improvements Program account (26-041-051529) in the amount of $21,700, <br />thereby creating three separate accounts: Downpayment and Closing Cost Assistance <br />• (11-042-062060) in the amount of $31,250; Rental Rehabilitation Loan Program <br />(11-042- 062061) in the amount of $56,250; and Vacant Lot Purchase (11-042-062062) <br />in the amount of $18,200. <br />Approved by Council <br />December 6, 1993 <br />�k off City Council <br />0 <br />