1995_Appropriations - Laserfiche WebLink

Home Browse Search

APPROPRIATION • FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Three (Fiscal Year 95/96) WHEREAS, the City of Charlottesville has been advised of the approval by the U.S. Department of Housing and Urban Development of Housing Opportunities Made Equal (HOME) funding for the 1995-96 fiscal year; WHEREAS, the region has been awarded $765,000, for year three or fiscal year 95/96, in HOME funding of which the City will receive $76,500 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 fisted programs will be covered by the Housing Initiatives Capital Improvements Program account (26-041-051528) in the amount of $38,250. The total of the HUD money and the local match, $153,000, will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042-062082) will receive $38,250 from HUD and $19,125 from the City; Rental Rehabilitation Loan Program (11-042-062082) will • receive $38,250 from HUD and $19,125 from City: and Vacant Lot Purchase (11-042-062082) shall be set up for potential future use. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 95/96) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $38,250 25% $19,125 $57,375 Cost Assistance (11-042-06082) Rental Rehab $38,250 25% $19,125 $57,375 (not substantial) (11-042-062082) Vacant Lot Purchase $0 25% $0 $0 (ultimately new construction) (11-042-062082) $76,500 $38,250 $114,750 • Approved by Council .. * August 21, 1995 C114rk of City Council