HomeMy WebLinkAbout20A - AA - HOME INVESTMENT FUNDSREQUEST FOR
COUNCIL, ACTION
CITY COUNCIL MEETING DATE:
MAY 5, 2015
TITLE:
APPROPRIATION ADJUSTMENT —
ADDITIONAL HOME INVESTMENT
PARTNERSHIPS FUNDS
(STRATEGIC PLAN NO.5, 3)
REC MMENDED ACTION
CLERK OF COUNCIL USE ONLY:
•.••• _r
❑ As Recommended
❑ As Amended
❑ Ordinance on 1" Reading
❑ Ordinance on 21d Reading
❑ Implementing Resolution
El Set Public Hearing For
CONTINUED TO
FILE NUMBER
Approve an appropriation adjustment recognizing additional HOME Investment Partnerships
Program grant funds in the amount of $24,881 In the HOME revenue account, and appropriate
the funds in the Loans and Grants expenditure account.
DISCUSSION
Each year, the City of Santa Ana ( "City') receives funding from various formula grant allocation
programs administered by the U. S. Department of Housing and Urban Development (HUD).
One of those programs is the HOME Investment Partnerships Program (HOME) that provides
funding for a wide range of activities including building, buying, and /or rehabilitating affordable
housing for rent or homeownership or providing direct rental assistance to low - income people,
HUD allocated $1,191,080 in HOME funds this year to the City, but only $1,155,805 was
originally adopted as part of the FY 2013 -2015 budget. Therefore, the additional $24,881 must
be recognized and appropriated for expenditure in FY 2014 -15, These funds will be used to
provide loans for housing development projects.
STRATEGIC PLAN ALIGNMENT
Approval of this item supports the City's efforts to meet Goal #5 Community Health, Livability,
Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support
efforts to preserve and improve the livability of Santa Ana neighborhoods).
FISCAL IMPACT
Approval of the appropriation adjustment will increase the HOME Program revenue account
(no. 13018002 - 52000) by $24,881 and appropriate the same Into the Loans and Grants
expenditure account (no. 13018780 - 09152).
20A -1
AA for Additional HOME Funds
May 5, 2015
Page 2
a06 . -
Kelly R nders
Executive Driector
Community Development Agency
KR/SG /sb
APPROVED AS TO FUNDS AND ACCOUNTS:
Nc, Q r � -, �\ L � .
Francisco Gutierrez �
Executive Director tk Z0
Finance and Management Services Agency
20A -2