Title
Resolution Authorizing the Submission of the Annual Action Plan Application for HOME Consortium Funds and the Conduct of HOME Consortium Activities for the 2015-2016 Fiscal Year
Body
Department: Neighborhood Development
Council District: Citywide
Public Hearing: Yes
Advertising Date/By: 4/24/15/Caitlin Warren
Contact 1 and Phone: Barbara Harris 373-2509
Contact 2 and Phone: Caitlin Warren 433-7266
PURPOSE:
As a condition of receiving Fiscal Year 15/16 federal Housing and Urban Development (HUD) formula grants funds, the City of Greensboro must submit an application (the Annual Action Plan) on behalf of Greensboro and HOME Program Consortium member jurisdictions Burlington, Guilford, and Alamance counties by May 15, 2015 after City Council approval.
BACKGROUND:
The Annual Plan application describes how the City and HOME Consortium partners plan to meet ongoing commitments and mandates using the anticipated FY 15/16 awards.
HOME Funding for the City of Greensboro ($878,969)
Home Investment Partnership Program (HOME) - The City of Greensboro is the administrative agent for HOME Investment Partnership Program funds for the City of Burlington and Alamance and Guilford counties:
Greensboro: $878,969 ($710,534 in new funds; $168,435 in estimated program income and reprogrammed funds)
Burlington: $191,767
Guilford Co.: $108,630
Alamance Co.: $97,546
Proposed Uses of HOME Funds for the City of Greensboro:
Program Administration: $71,053
Citywide Housing Rehabilitation Program: $100,000
Affordable Housing Development RFPs: $607,916
Homebuyer Downpayment Assistance: $100,000
BUDGET IMPACT:
$1,108,477 in new federal HOME grant funds and approximately $168,435 in estimated program income and in reprogrammed funds will be available to address affordable housing needs in Greensboro.
RECOMMENDATION / ACTION REQUESTED:
Request that Council conduct a public hearing to receive comment on the proposed FY 15/16 An...
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