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APPROPRIATION FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Two (Fiscal Year 94/95) WHEREAS, the Council has previously approved the City's application for Housing Opportunities Made Equal (HOME) funding from the Department of Housing and Urban Development (HUD), WHEREAS, the region has been awarded $717,000, for year two or fiscal year 94/95, in HOME funding of which the City will receive $72,200 to be expended on affordable housing initiatives such as Downpayment and Closing Cost Assistance, Rental Rehabilitation Loan Program, and Vacant Lot Purchase for construction of low/moderate income housing; WHEREAS, it is a requirement of this grant that projects funded with HOME initiatives money be matched with local funding in varying degrees; BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the local match for the above listed programs will be covered by the Housing Initiatives Capital Improvements Program account (26-041-051528) in the amount of $24,067. The total of the HUD money and the local match, $96,267, will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042-062073) will receive $36,200 from HUD and $12,067 from City; Rental Rehabilitation Loan Program (11-042-062074) will • receive $36,000 from HUD and $12,000 from City: and Vacant Lot Purchase (11-042-062075) shall be set up for potential future use. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 94/95) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $36,200 25% $12,067 $48,267 Cost Assistance (11-042-062073) Rental Rehab $36,000 25% $12,000 $48,000 (not substantial) (11-042-062074) Vacant Lot Purchase $0 25% 0 0 (ultimately new construction) (11-042-062075) $72,200 $24,067 $96,267 LKG/lkg homap4b Approved by Council • July 18, 1994 rc of Cl �tity Coun it