I. RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 3938 authorizing the City Manager to execute and submit a 2019 HOME Investment Partnerships Program (HOME) application, its agreement, and any amendments related thereto.
II. BACKGROUND:
The California Department of Housing and Community Development (HCD) is authorized to allocate HOME funds made available from the U.S. Department of Housing and Urban Development (HUD). HOME funds are to be used for the purposes set forth in Title II of the Cranston-Gonzalez National Affordable Housing Act of 1990, in federal implementing regulations set forth in Title 24 of the Code of Federal Regulations, part 92, and in Title 25 of the California Code of Regulations commencing with section 8200.
On October 31, 2019 HCD issued a Notice of Funding Availability announcing the availability of funds under the HOME program (the “NOFA”).
III. DISCUSSION:
The City would like to respond to the NOFA with an application for an allocation of
funds not to exceed $500,000 (funding limit for program activities).
In the present housing market, it may be necessary for first-time homebuyers to perform health and safety repairs on homes prior to habitation. To assist these potential homeowners, the application would therefore include First-Time Homebuyer (with or without Rehabilitation) as well as Owner Occupied Rehabilitation.
IV. ALTERNATIVES:
The Council could decide that it does not want to seek 2019 HOME funds and therefore not submit an application with its required documents. (To note: the submittal of an application does not guarantee funding.)
V. FISCAL IMPACT:
All expenses shall be paid for by the grant and there are no General Fund dollars associated with this action. |