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C� • • APPROPRIATION FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Four (Fiscal Year 98/99) 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 1998-99 fiscal year; WHEREAS, the region has been awarded $696,000, for year six or fiscal year 98/99, in HOME funding of which the City will receive $87,000 to be expended on affordable housing initiatives such as Downpayment and Closing Cost Assistance, and Rehabilitation for Homeownership Program; and $17,400 in CHDO funds. 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 (26-020-051528) in the amount of $29,000.00 and $5,800.00. The total of the HUD money and the local match, $116,000, and $23,200 will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042-062108) will receive $47,000 from HUD and $19,000.00 from the City; Rehabilitation for Homeownership Program (11-042-062109) will receive $40,000 from HUD and $10,000.00 from the City; CHDO funds for housing development (11-042-062111) will receive $17,400 from HUD and $5,800 from the City. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 98/99) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $47,000 25% $19,000 $66,000 Cost Assistance (11-042-062108) Rehab for $40,000 25% $10,000 $50,000 Homeownership (11-042-062109) CHDO $17,400 25% $5,800 $23,200 (11-042-062111) $104,400 $34,800 $139,200 Approved by Council August 3, 1998 rk of City Coun it