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• A RESOLUTION <br />APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2002-2003 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$102,500 <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 2002-2003 fiscal year; <br />WHEREAS, the region has been awarded $832,000, for year ten or fiscal year 02-03, in <br />HOME funding of which the City will receive $102,500 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 (26-042-05168 1) in the amount of $34,667.00. The total of the <br />HUD money and the local match, $137, 167, will be distributed between the following two <br />accounts: Downpayment and Closing Cost Assistance (11-042-93646) will receive $18,250 from <br />• HUD and $6,240 from the City; Substantial Rehabilitation (11-042-93647) will receive $84,250 <br />from HUD and $28,427 from the City. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 02/03) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing $18,250 25% $6,240 $24,490 <br />Cost Assistance <br />(11-042-93646) <br />Substantial Rehabilitation $84,250 25% $28,427 $112,677 <br />(11-042-93647) <br />$102,500 $34,667 $137,167 <br />Approved by Council <br />August 5, 2002 <br />k of City Council <br />0 <br />