Report to Mayor and City Council
Tuesday, September 05, 2023
Consent
SUBJECT:
Title
CONSIDER ADOPTION OF RESOLUTION NO. 23-136 TO ALLOCATE FUNDING REVENUE RECEIVED FROM THE PERMANENT LOCAL HOUSING ALLOCATION GRANT FOR FISCAL YEAR 2023/24 TO FUND SINGLE FAMILY REHABILITATION DEFERRED LOAN PROGRAM.
Body
I. SUMMARY
On April 21st, 2022, the City was notified that it had been awarded The Permeant Local Housing Grant in the amount of $1,059,349.00 for the combined amounts of 2019, ($414,730) and 2020 ($644,619). On August 3, 2022, HCD provided the Standard Agreement (Exhibit No. 1) executed by all parties. Staff is requesting the adoption of Resolution No. 23-136 and approval of revenue receipt of funds in the amount of $353,116, to be allocated for use of the Rehabilitation and preservation of affordable ownership housing (Exhibit No. 2).
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. WAIVE further reading and ADOPT "RESOLUTION NO. 23-136 TO ALLOCATE FUNDING REVENUE RECEIVED FROM THE PERMANENT LOCAL HOUSING ALLOCATION GRANT FOR FISCAL YEAR 2023/24 TO FUND SINGLE FAMILY REHABILITATION DEFERRED LOAN PROGRAM"
2. AUTHORIZE the City Manager or it's designee to approve deferred loans up to $50,000.00.
Body
III. ALTERNATIVES
TAKE any other action the City Council deems appropriate.
IV. BACKGROUND
HCD is authorized to provide up to $304 million under the Senate Bill 2 permanent Local Housing Allocation Program Formula component from the Building Homes and Jobs Trust Fund for assistance to Cities and Counties. Eligible uses of program funds include:
The predevelopment, development, acquisition, rehabilitation, and preservation of affordable rental and ownership housing, including Accessory Dwelling units.
* Rehabilitation, and preservation of affordable ownership housing to low to moderate income families must meet the 30 to 80 percent Area Median Income Levels (AMI...
Click here for full text