Title
Ordinance Amending the FY 20-21 HOME Investment Partnership Act (HOME) Project Budget Ordinance in the Amount of $374
Body
Council Priority: Ensure Fiscal Stewardship, Transparency, & Accountability
Department: Neighborhood Development
Council District: All
Public Hearing: No
Advertising Date/By:
Contact 1 and Phone: Stan Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council consideration is requested for an ordinance amending the FY 20-21 HOME Program Grant Project Budget Ordinance.
BACKGROUND:
On July 21, 2020, City Council approved the acceptance and application for the FY 20-21 entitlement funds awarded to the City from the U.S. Department of Housing and Urban Development (HUD) based on published formula allocations. On October 22, 2020, HUD informed the city that since issuing the original allocations, an error was discovered in the formula calculation, stemming from issues at the HUD field offices in California which are currently being resolved. As such, a correction to the formula resulted in a $374 decrease in the allocation for Greensboro, which revises the federal award amount from $1,820,790 to $1,820,416.
The budget ordinance to amend the ordinance for the FY 20-21 HOME is attached for approval.
BUDGET IMPACT:
The original grant project budget ordinance for the FY 20-21 HOME will be reduced by $374 from $1,920,790 to $1,920,416 (including estimated program income in the amount of $100,000).
RECOMMENDATION / ACTION REQUESTED:
City Council is requested to approve the corrected HOME award of $1,820,416 from HUD, authorize the City Manager to execute revised grant documents, and approve the amended FY 20-21 HOME project budget ordinance.