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• A RESOLUTION <br />APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2001-2002 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$104,250 <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 2001-2002 fiscal year; <br />WHEREAS, the region has been awarded $836,000, for year nine or fiscal year 01-02, in <br />HOME funding of which the City will receive $104,250 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 (26-042-051545) in the amount of $34,833.00. The total of the <br />HUD money and the local match, $139,083 will be distributed between the following two <br />accounts: Downpayment and Closing Cost Assistance (11-042-093641) will receive $60,000 <br />• from HUD and $20,203 from the City; Substantial Rehabilitation (11-042-093632) will receive <br />$44,250 from HUD and $14,630 from the City. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 01/02) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing $60,000 25% $20,203 580,203 <br />Cost Assistance <br />(I1-042-093641) <br />Substantial Rehabilitation $44,250 25% $14,630 $58,880 <br />(11-042-093632) <br />$104,250 $34,833 $139,083 <br />Approved by Council <br />August 20, 2001 <br />alL <br />rk of City Cou cil <br />0 <br />