Title
Resolution Approving Substantial Amendment to the FY 2013-2014 Action Plan of Greensboro's 5-Year Consolidated Plan for Housing and Community Development Activities to Reallocate HOME Program Funds to Affordable Housing Development Activities
Body
Department: Neighborhood Development
Council District:
Public Hearing: Yes
Advertising Date/By: April 25, 2014/Caitlin Warren
Contact 1 and Phone: Barbara Harris 373-2509
Contact 2 and Phone: Caitlin Warren 433-7266
PURPOSE:
The City Council is asked to hold a public hearing to consider approving a substantial amendment of HOME program fund reallocations for affordable housing development projects. The recommended housing development projects meet City MAP goal to maintain infrastructure and provide sustainable growth opportunities. City Council approval of the proposed amendment would reallocate available funding for affordable housing development projects in the City.
BACKGROUND:
Neighborhood Development is increasing its efficiency in meeting the HUD mandated HOME Program commitment and disbursement deadlines by amending the use of HOME funds previously allocated to projects that have not moved forward or that have funds remaining in their budgets that will not be used in a timely manner.
The proposed reallocation sources (projects not moving forward at this time) are as follows:
Amount |
Lawson Account # |
Activity Name |
Reason for Reallocation |
$395,000 |
213-9008-03.5285 |
South Elm (Housing Activities) |
No HOME-eligible housing is currently planned |
$395,000 |
213-9011-03.5285 |
South Elm New Construction (Housing Activities) |
No HOME-eligible housing is currently planned |
$123,000 |
213-9013-03.5285 |
Ole Asheboro (Housing Activities) |
New funding will be allocated when a HOME-eligible housing project is identified |
$ 50,000 |
213-9008-08.5282 |
Self Help - Ole Asheboro 3 |
Activity is complete |
$ 1,000 |
213-9011-05.5282 |
Neighborhood Stabilization Program (Housing Activities) |
Activity is complete |
$964,000 |
Total |
|
|
The proposed reallocation uses are as follows:
$445,000 |
213-9008-06.5282 |
Affordable Housing Development Request for Proposals (RFP) |
$396,000 |
213-9011-10.5282 |
Affordable Housing Development RFP |
$123,000 |
213-9013-02.5282 |
Affordable Housing Development RFP |
$964,000 |
Total |
|
BUDGET IMPACT:
Reallocation of current HOME Program funds to Affordable Housing Development RFP activities. No net effect on budget.
RECOMMENDATION / ACTION REQUESTED:
City Council is requested to consider approving the Substantial Amendment of HOME Program funds by approving the Substantial Plan Amendment as proposed (with the additions of public comments from this public hearing).