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A RESOLUTION <br />APPROPRIATING FUNDS FOR <br />• THE CITY OF CHARLOTTESVILLE'S 2003-2004 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$129,303 <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 2003-2004 fiscal year; <br />WHEREAS, the region has been awarded $1,034,421, for year eleven or fiscal year 03- <br />04, in HOME funding of which the City will receive $129,303 to be expended on affordable <br />housing initiatives such as Downpayment and Closing Cost Assistance, and Substantial <br />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 $43,100. The total of the <br />HUD money and the local match, $172,403, will be distributed between the following two <br />accounts: Downpayment and Closing Cost Assistance (11-042-093663) will receive $50,121 <br />• from HUD and $16,810 from the City; Substantial Rehabilitation (11-042-093664) will receive <br />$79,182 from HUD and $26,290 from the City. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 03/04) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing $50,121 25% $16,810 $66,931 <br />Cost Assistance <br />(11-042-093663) <br />Substantial Rehabilitation $79,182 25% $26,290 $105,472 <br />(11-042-093664) <br />$129,303 $43,100 $172,403 <br />Apppoved by Council <br />July 21, 2003 <br />C t of City Council <br />0 <br />