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A RESOLUTION • APPROPRIATING FUNDS FOR THE CITY OF CHARLOTTESVILLE'S 2006-2007 HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS $161,314 WHEREAS, the City of Charlottesville has been advised of the approval by the U.S. Department of Housing and Urban Development of Housing Opportunities Made Equal (HOME) funding for the 2006-2007 fiscal year; WHEREAS, the region has been awarded $911,093 for year thirteen or fiscal year 06-07, in HOME funding of which the City will receive $117,007 to be expended on affordable housing initiatives such as Downpayment and Closing Cost Assistance, and Substantial Rehabilitation. WHEREAS, it is a requirement of this grant that projects funded with HOME initiatives money be matched with local funding in varying degrees; BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the local match for the above listed programs will be covered by the Housing Initiatives Capital Improvements Program account (P-00126 in SAP system) in the amount of $39,000. The total of the HUD money and the local match, $156,000, will be distributed by the following four accounts: Downpayment and Closing Cost Assistance will receive $56,250 from HUD and $18,750 from the City; Substantial Rehabilitation will receive $42,000 from HUD and $14,000 • from the City; Forest Street Townhouses Rehab. Phase 2 will receive $3,750 from HUD and $1,250 from the City. Administrative funds for the year total $5,314.73. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 06-07) FUNDING REQUIRED MATCH TOTAL Downpayment/Closing $56,250 25% $18,750 $75,000 Cost Assistance Substantial Rehabilitation $42,000 25% $14,000 $56,000 PHA — Downpayment Assist. $15,000 25% $5,000 $20,000 PHA - Forest Street Townhouses $3,750 25% $1,250 $5,000 Rehabilitation, Phase 2 Administration & Planning $5,314 $5,314 $122,314 $39,000 $161,314 Approved by Council April 17, 2006 Cle of City Council 0