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• APPROPRIATION <br />FOR HOUSING OPPORTUNITIES NLADE EQUAL (HOME FUNDING) <br />for Year One (Fiscal Year 93/94) <br />WHEREAS, the Council has previously approved the City's application for Housing <br />Opportunities Made Equal (HOME) funding from the Department of Housing and Urban <br />Development (HUD), <br />WHEREAS, for year one, fiscal year 93/94, the region has been awarded $560,000 in <br />HOME funding of which the City will receive $56,000 to be expended on affordable housing <br />initiatives such as Downpayment and Closing Cost Assistance, Rental Rehabilitation Loan <br />Program, and Vacant Lot Purchase for construction of low/moderate income housing; <br />WHEREAS, it is a requirement of this grant that projects funded with HOME initiatives <br />money be matched with local funding in varying degrees; <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the local <br />match for the above listed programs will be covered by the Housing Initiatives Capital <br />Improvements Program account (26-041-051529) in the amount of $18,667. The total of the <br />HUD money and the local match, $74,667, will be distributed between the following three <br />accounts: Downpayment and Closing Cost Assistance (11-042-062060) will receive $35,000 <br />• from HUD and $11,667 from City; Rental Rehabilitation Loan Program (11-042-062061) will <br />receive $21,000 from HUD and $7,000 from City, and Vacant Lot Purchase (11-042-062062) <br />will be available for potential future use. Any extra City funds that are presently in the HOME <br />account will be returned to the Housing Initiatives Capital Improvements Program account. This <br />resolution adjusts the amounts which were appropriated by City Council on December 6,1993. <br />HOME Program Funds HOME % MATCH LOCAL <br />( Fiscal Year 93/94) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing $35,000 25% $11,667 $46,667 <br />Cost Assistance <br />(11-042-062060) <br />Rental Rehab $21,000 25% $7,000 $28,000 <br />(not substantial) <br />(11-042-062061) <br />Vacant Lot Purchase $0 25% $0 $0 <br />(ultimately new construction) <br />(11-042-062062) <br />• $56,000 $18,667 $74,667 <br />Approved by Council <br />LKG/1kghomap3 July 18, 1994 <br />!'1 er1r of ri�v f•nnnril <br />