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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 />• <br />r -IL <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 <br />(Fiscal Year 00/01) <br />Downpayment/Closing <br />Cost Assistance <br />(11-042-062576) <br />Substantial Rehabilitation <br />(11-042-062577) <br />HOME % MATCH LOCAL <br />FUNDING REQUIRED MATCH TOTAL <br />$17,062 25% $ 5,647 $22,709 <br />$77,063 25% <br />$25,728 $102,791 <br />$94,125 $31,375 <br />Approved by Council <br />September 5, 2000 <br />rk of City Council <br />$125,500 <br />