HomeMy WebLinkAbout1995-03-14 - AGENDA REPORTS - HOME DISASTER RELIEF FUNDS (2)r'
NEW BUSINESS
DATE:
SUBJECT:
DEPARTMENT:
BACKGROUND
AGENDA REPORT
Citanag Approval
Item to be presented by:
Sarona Vivanc
March 14, 1995
Appropriation of the Home Investment Partnerships (HOME) Program for
Disaster Relief Funds.
Community Recovery Agency
In December 1994, the City was notified that it was awarded $1,500,000 in funds from the
State of California Department of Housing and Community Development (HCD) under the
Home. Investment Partnerships (HOME) Program for Disaster Relief. This award will allow
the City to make loans available to low income homeowners for the purpose of residential
earthquake repair and rehabilitation.
The HOME Program is a program funded by the U.S. Department of Housing and Urban
Development (HUD). HCD received these funds from HUD, and in turn, awarded a portion
of these funds to Santa Clarita. The City must adhere to the regulations of not only HUD,
but also HCD. There is an administrative cap on HOME Program funds, which allows the
City to spend no more than $71,429 on administrative activities. The remaining $1,428,571 is
required by HCD to be spent on providing loans to low income homeowners within the City
for residential rehabilitation activities.
The City is in the process of entering into an agreement with HCD to administer this
program. Staff is hopeful that HOME Program funds will be able to be spent prior to the end
of this fiscal year, with the assistance of GRC-Copenhaver. It is therefore necessary that the
City Council appropriate the HOME funds to allow staff to incur expenses and keep accurate
fiscal records.
RECOMMENDATION
Staff recommends that the City Council increase estimated revenues account number 12-3563
in the amount of $1,500,000, and appropriate $71,429 in HOME Program funds into account
12-5800-227 for administrative activities, and appropriate the remaining $1,428,571 into account
number 12-5801-221 for the loan program.
cdbg\ar031495.3 APPOOVE1 Agenda Item: