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• <br />• <br />• <br />A RESOLUTION <br />APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2000 -2001 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$94,125 <br />WHEREAS, the City of Charlottesville has been advised of the approval by the U.S. <br />Department of Housing and Urban Development of Housing Opportunities Made Equal (HOME) <br />funding for the 2000 -2001 fiscal year; <br />WHEREAS, the region has been awarded $753,000, for year eight or fiscal year 00 -01, <br />in HOME funding of which the City will receive $94,125 to be expended on affordable housing <br />initiatives such as Downpayment and Closing Cost Assistance, and Substantial Rehabilitation. <br />WHEREAS, it is a requirement of this grant that projects funded with HOME initiatives <br />money be matched with local funding in varying degrees; <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the local <br />match for the above listed programs will be covered by the Housing Initiatives Capital <br />Improvements Program account (26- 042 - 051528) in the amount of $31,375.00. The total of the <br />HUD money and the local match, $125,500 will be distributed between the following two <br />accounts: Downpayment and Closing Cost Assistance (11- 042 - 062576) will receive $17,062 <br />from HUD and $5,647 from the City; Substantial Rehabilitation (11- 042 - 062577) will receive <br />$77,063 from HUD and $25,728 from the City. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 00 /01) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing $17,062 25% $ 5,647 $22,709 <br />Cost Assistance <br />(11- 042 - 062576) <br />Substantial Rehabilitation $77,063 25% $25,728 $102,791 <br />(11- 042 - 062577) <br />$94,125 <br />$31,375 $125,500 <br />Approved by Council <br />September 5, 2000 <br />rk of City Council <br />