HomeMy WebLinkAboutAgenda Report - January 20, 1999 E-114 a 4
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CITY OF LODI COUNCIL COMMUNICATION
AGENDA TITLE: Reallocate Federal HOME Funds Within the Three Current Housing Assistance Programs
MEETING DATE: January 20, 1999
PREPARED BY: Community Development Director
RECOMMENDED ACTION: That the City Council authorize the Community Development Department
to reallocate $100,000.00 of the $128,131.91 in Federal HOME Funds
currently allocated to the Rental Rehabilitation Program, to the Down
Payment Assistance and Owner Occupied Housing Rehabilitation Programs.
BACKGROUND INFORMATION: The Community Development Department allocated Federal HOME
Funds into three Housing Assistance programs for the 1998-99 year,
Down Payment Assistance, Owner -Occupied Housing Rehabilitation
and Rental Rehabilitation. From the beginning of this fiscal year, the
demand of the Down Payment Assistance Program has easily surpassed that of the other two programs as
well as staff expectations. There has also been a good response to the Owner Occupied Rehabilitation
program this year which has caused a shortage of funds available for those projects that are currently under
application.
Currently there is a balance of $128,131.91 in the Rental Rehabilitation Program, and only one application
pending. Therefore, we find it necessary to reallocate $75,000.00 of those funds to the Down Payment
Assistance Program, and $25,000.00 to the Owner -Occupied Rehabilitation Program, in order to keep up
with the demand of these well performing housing assistance programs. This will leave a balance of
$28,131.91 in the Rental Rehab Program to fund a project for the one application that is pending.
FUNDING: Federal HOME funds.
onradt Bedlam
Community Development Director
Prepared by Joseph Wood, Community Improvement Manager
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APPROVED:
/ H. Dixon'Flynn - C Manager
HOME Reallocation 01/11/99