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APPROPRIATION • FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Four (Fiscal Year 96/97) 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 1996-97 fiscal year; WHEREAS, the region has been awarded $669,000, for year four or fiscal year 96/97, in HOME funding of which the City will receive $83,625 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 $27,875. The total of the HUD money and the local match, $111,500, will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042-062086) will receive $41,813 from HUD and $13,938 from the City; Rental Rehabilitation Loan Program (11-042-062086) will • receive $41,812 from HUD and $13,937 from the City: and Vacant Lot Purchase (11-042-062086) shall be set up for potential future use. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 96/97) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $41,813 25% $13,938 $55,751 Cost Assistance (11-042-06086) Rental Rehab $41,812 25% $13,937 $55,749 (not substantial) (11-042-062086) Vacant Lot Purchase $0 25% $0 $0 (ultimately new construction) (11-042-062086) $83,625 $27,875 $111,500 Approved by Council • July 1, 1996 Vrk of City Council