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TO: Mayor Robert J. O'Connor
FROM: Daniel Barreiro, Chief Community Services Officer
DATE: January 4, 2017
SUBJECT:
Resolution Authorizing an Annual Action Plan Substantial Amendment (2016 - #4) to Reflect Funding Re/Allocations and Programming Revisions for the City's Proposed U.S. Department of Housing and Urban Development's (HUD) Section 108 Loan Guarantee Program.
PURPOSE:
Staff requests authorization of an Annual Action Plan Substantial Amendment (2016 - #4) to provide for funding re-allocations and revisions to program objectives for the City's Section 108 $6 Million Loan Guarantee Application which is currently pending HUD approval. The Block Grant Working Committee (BGWC) met on December 7, 2016 to make the following recommendations for Section 108 funding re-allocations and updates to the application's three respective program objectives:
1. Economic Development Loan Pool: Increase from $2,000,000 to $4,000,000.
Program Objective: Increase number of jobs from 50 to 100.
2. Housing Loan Pool: Decrease from $2,000,000 to $1,000,000.
Program Objective: Decrease number of housing units from 100 to 50.
3. Public Services/Facilities Loan Pool: Decrease from $2,000,000 to $1,000,000.
Program Objective: Decrease number of households from 800 to 400.
Section 108 Loan Guarantee Application Total Request: $6,000,000.
The BGWC will hold a public hearing on the above proposed Substantial Amendment on Monday, January 9, 2017 at 5:00 PM in the City Hall Council Chambers.
BACKGROUND:
The City's Section 108 Loan Guarantee Application was approved by City Council via R15-286 on October 13, 2015. The City formally submitted the application on October 29, 2016, and it is currently under review by HUD. Additionally, since the time of the City's application submittal, the following amendment was recently approved by City Council via R16-386 on December 13, 2016: removal of $5,000 minimum and $100K maximum thresholds to allow for additional gap fi...
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