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A RESOLUTION APPROPRIATING FUNDS FOR THE CITY OF CHARLOTTESVILLE'S 2007 - 2008 • HOUSING OPPORTUNITIES MADE EQUAL (HOME) FUNDS $160,256 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 2007-2008 fiscal year; WHEREAS, the region has been awarded $904,901 for year fourteen or fiscal year 07- 08, in HOME funding of which the City will receive $116,233 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 $38,744. The total of the HUD money and the local match, $155,247, will be distributed by the following three accounts: Habitat for Humanity will receive $45,000 from HUD and $15,000 from the City; Substantial Rehabilitation will receive $63,733 from HUD and $21,244 from the City; PHA — 802 Cynthianna Avenue will receive $7,500 from HUD and $2,500 from the City. • Administrative funds for the year total $5,279. HOME Program Funds HOME % MATCH LOCAL (Fiscal Year 07-08) FUNDING REQUIRED MATCH TOTAL Habitat for Humanity $45,000 25% $15,000 $60,000 Substantial Rehabilitation $63,733 25% $21,244 $84,977 PHA — 802 Cynthianna Ave. $ 7,500 25% $ 2,500 $10,000 Administration & Planning $ 5,279 $ 5,279 $121,512 $38,744 $160,256 Approved by Council May 7, 2007 C rk of City Council