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O A RESOLUTION <br />APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2005-2006 <br />HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS <br />$127,867 <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 2005-2006 fiscal year; <br />WHEREAS, the region has been awarded $912,539, for year twelve or fiscal year 05-06, <br />in HOME funding of which the City will receive $127,867 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 current accounting system) in the amount <br />of $33,373. The total of the HUD money and the local match, $166,865, will be distributed by the <br />following four accounts: Downpayment and Closing Cost Assistance will receive $6,735 from <br />HUD and $1,688 from the City; Substantial Rehabilitation will receive $91,114 from HUD and <br />$22,779 from the City; Virnita Court Rehabilitation will receive $20,000 from HUD and $5,000 <br />from the City; Forest Street Townhouses Rehabilitation will receive $10,000 from HUD and <br />$2,500 from the City. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 05-06) FUNDING REQUIRED MATCH TOTAL <br />Downpayment/Closing <br />$6,753 25% <br />$1,688 <br />$8,441 <br />Cost Assistance <br />Substantial Rehabilitation <br />$91,114 25% <br />$22,779 <br />$113,893 <br />Virnita Court Rehabilitation <br />$20,000 25% <br />$5,000 <br />$25,000 <br />Forest Street Townhouses <br />$10,000 25% <br />$2,500 <br />$12,500 <br />Rehabilitation <br />$127,867 <br />$31,967 <br />$159,834 <br />Account Codes are not available through <br />Cityl-ink at this time. Codes will <br />be assigned at a later date. The HOME <br />Budget will be included under Grants <br />(Fund 211) in the new system. <br />Approved by COuncil <br />April 18, 2005 <br />le k of City ouncil <br />