1999_Appropriations - Laserfiche WebLink

Home Browse Search

• APPROPRIATION FOR HOUSING OPPORTUNITIES MADE EQUAL (HOME FUNDING) for Year Four (Fiscal Year 99/00) 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 1999-2000 fiscal year; WHEREAS, the region has been awarded $750,000, for year seven or fiscal year 99/00, in HOME funding of which the City will receive $93,750 to be expended on affordable housing initiatives such as Downpayment and Closing Cost Assistance, and CHOICE: buying, rehabilitating, and selling homes to low and moderate income families; and $9,375 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 (26-042-051545) in the amount of $31,250.00 and $3,125.00. The total of the HUD money and the local match, $125,000, and $12,500 will be distributed between the following three accounts: Downpayment and Closing Cost Assistance (11-042- 062570) will receive $43,750 from I -IUD and $14,688 from the City; CHOICE Program (11- 042-062571) will receive $50,000 from HUD and $16,562 from the City; CHDO funds for housing development (11-042-062572) will receive $9,375.00 from HUD and $3,125 from the City. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 99/00) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $43,750 25% $ 14,688 $58,438 Cost Assistance (11-042-062570) CHOICE $50,000 25% $16,562 $66,562 (11-042-062571) CHDO $9,375 25% $3,125 $12,500 (11-042-062572) $103,125 $34,375 $137,500 Approved by Council August 2, 1999 C1 c of City Counc'1 10