Title
Ordinance Amending State, Federal and Other Grants Fund Budget for the Appropriation of CFGG Housing Preservation Fund Design Grant in the Amount of $10,000
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Neighborhood Development
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Stanley Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council approval is requested for a budget ordinance to establish a grant project budget for funds awarded to the City by the Community Foundation of Greater Greensboro (CFGG) in the amount of $10,000. The funding will be used to fund the design of a housing preservation fund that implements the goals and strategies of Housing GSO, 10-Year Affordable Housing Plan adopted by City Council on October 20, 2020.
BACKGROUND:
Affordable Rental Housing is a focus goal area identified in the adopted Housing GSO, 10-Year Affordable Housing Plan. The plan recommends partnering with funders to establish a housing preservation fund to acquire existing affordable housing units. The establishment of a housing preservation fund will help to preserve existing affordable housing units and slow the increase of the affordable housing shortage for renter households earning $30,000 and below.
The CFGG has agreed to provide funding to the City to develop a design for the establishment of a housing preservation fund.
BUDGET IMPACT:
$10,000 220-2108-01.5413 Consultant Services
RECOMMENDATION / ACTION REQUESTED:
The City Council is requested to approve of the grant budget project ordinance for the FY 20-21 CFGG Housing Preservation Fund Design grant awarded to the City in the amount of $10,000.