HomeMy WebLinkAbout1996-02-27 - AGENDA REPORTS - HOME FUNDS (2)ME" Diel IM ZIN-01) .11 i
DATE: February 27, 1996
City Manager Approv
Item to be presented
Michael Haviland
SUBJECT: APPROPRIATION OF HOME INVESTMENT PARTNERSHIPS (HOME)
PROGRAM FOR MULTI FAMILY REHABILITATION FUNDS.
DEPARTMENT: Community Development
In January, the City was notified that it was awarded $985,950 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 owners of multi family properties for the purpose of repair and
rehabilitation of earthquake damaged rental units.
The HOME Program for Multi Family Rehabilitation 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 $46,950 on administrative activities. The
remaining $939,000 is required by HCD to be spent on providing loans to repair rental units
inhabited by low income renters within the City.
The City must enter into an agreement with HCD to administer this program. HCD staff has
stated that the contract documents should be to the City for review shortly. It is now necessary
that the City Council appropriate the HOME funds to allow staff to incur expenses and keep
accurate fiscal records.
Staff recommends that the City Council increase estimated revenues account number 12-3564
in the amount of $985,950, and appropriate $985,950 in HOME Program for Multi Family
Rehabilitation funds as follows:
�`J b �` D Agenda Item�r
Appropriate to fiscal year 1995-1996:
Administration 12-5810-230 $8,000
Loan Funds 12-5810-227 $75,000
Total $83,000
Appropriate to fiscal year 1996-1997:
Administration 12-5810-230
$38,950
Loan Funds 12-5810-227
$864,000
Total
$902,950
homeprog\ 027396. agn