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A RESOLUTION <br />• APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2004-2005 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$191,618 <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 2004-2005 fiscal year; <br />WHEREAS, the region has been awarded $1,152,422, for year twelve or fiscal year 04- <br />05, in HOME funding of which the City will receive $191,618 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 $47,905. The total of the HUD <br />money and the local match, $239,523, will be distributed between the following two accounts: <br />Downpayment and Closing Cost Assistance (11-042-093665) will receive $105,260 from HUD <br />and $26,315 from the City; Substantial Rehabilitation (11-042-093666) will receive $86,358 from <br />HUD and $21,590 from the City. <br />HOME Program Funds <br />(Fiscal Year 04/05) <br />Downpayment/Closing <br />Cost Assistance <br />(11-042-093665) <br />Substantial Rehabilitation <br />(11-042-093666) <br />n <br />U <br />HOME % MATCH LOCAL <br />FUNDING REQUIRED MATCH TOTAL <br />$105,260 25% $26,315 $131,575 <br />$86,358 25% <br />$191,618 <br />Approved by Council <br />October 18, 2004 <br />C4eW of City Council <br />$21,590 $107,948 <br />$47,905 $239,523 <br />