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APPROPRIATION • FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Four (Fiscal Year 97/98) 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 1997-98 fiscal year, WHEREAS, the region has been awarded $655,000, for year five or fiscal year 97/98, in HOME funding of which the City will receive $81,875 to be expended on affordable housing initiatives such as Downpayment and Closing Cost Assistance, Rehabilitation for Homeownership 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 $27,291.00. The total of the HUD money and the local match, $109,166, will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042-062101) will receive $40,938 from HUD and $13,645.50 from the City; Rehabilitation for Homeownership Program • (11-042-062101) will receive $40,937 from HUD and $13,645.50 from the City: and Vacant Lot Purchase (11-042-062101) shall be set up for potential future use. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 97/98) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $40,938 25% $13,646 $54,584 Cost Assistance (11-042-062101) Rehab for $40,937 25% $13,645 $54,582 Homeownership (11-042-062101) Vacant Lot Purchase $0 25% $0 $0 (ultimately new construction) (I1-042-062086) $81,875 $27,291 $109,166 Approved by Council • August 4, 1997 1 rk of City Co cit