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A RESOLUTION <br />• APPROPRIATING FUNDS FOR <br />THE CITY OF CHARLOTTESVILLE'S 2008 - 2009 <br />HOME FUNDS <br />$160,279 <br />WHEREAS, the City of Charlottesville has been advised of the approval by the <br />U.S. Department of Housing and Urban Development of Housing Opportunities Made <br />Equal (HOME) funding for the 2008-2009 fiscal year; <br />WHEREAS, the region has been awarded $919,878 for year fifteen or fiscal year <br />08-09, in HOME funding of which the City will receive $116,233 to be expended on <br />affordable housing initiatives such as Rehabilitation of Owner and Renter Occupied <br />structures. <br />WHEREAS, it is a requirement of this grant that projects funded with HOME <br />initiatives money be matched with local funding in varying degrees; <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the <br />local match for the above listed programs will be covered by the Housing Initiatives <br />Capital Improvements Program account (P-00126 in SAP system) in the amount of <br />$38,744. The total of the HUD money and the local match, $155,000, will be distributed <br />by the following three accounts: Substantial Rehabilitation will receive $93,750 from <br />• HUD and $31,250 from the City; PHA — Monticello Vista Apts. will receive $22,500 <br />from HUD and $7,500 from the City. Administrative funds for the year total $5,279. <br />HOME Program Funds HOME % MATCH LOCAL <br />(Fiscal Year 08-09) FUNDING REQUIRED MATCH TOTAL <br />Substantial Rehabilitation $93,750 25% $31,250 $125,000 <br />PHA — Monticello Vista Apts. $22,500 25% $ 7,500 $ 30,000 <br />Administration & Planning $ 5,279 $ 5,279 <br />$121,529 $38,750 $160,279 <br />Approved by Council <br />April 21, 2008 <br />VVl <br />Cl f City Council <br />