TO: Mayor Thomas J. Weisner
FROM: Dan Barreiro, Chief Community Services Officer
DATE: 12/3/13
SUBJECT: title
Resolution Authorizing an Annual Action Plan Substantial Amendment (2014 - #1) to Reflect Funding Allocations for the Home Investment Partnerships Program and Neighborhood Stabilization Program.
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PURPOSE:
Staff requests authorization of an Annual Action Plan Substantial Amendment (2014 - #1) to provide for HOME funding allocation and NSP program income re-allocation. The Block Grant Working Committee (BGWC) is scheduled to meet on December 4, 2013 to make the following recommendations for HOME funding allocation and NSP program income re-allocation:
HOME PROJECT: Boreas, LLC / Aurora Impact Initiative (40 scattered site, low-mod income rental housing)
FUNDING SOURCE: HOME PY 2013 - Unallocated entitlement funds for Direct Project Activity in the amount of $374,321.25
NSP PROJECT: NSP Rental Program (Boreas, LLC / Aurora Impact Initiative)
FUNDING SOURCE: NSP Homebuyer Program (Program Income) - Unexpended Program Income funds in the amount of $150,000.00
The BGWC is scheduled to hold a public hearing on the recommendations on Monday December 23, 2013, 5:00 PM in the City Hall Council Chambers, and public comment will be received through January 14, 2014.
BACKGROUND:
The City of Aurora receives an annual HOME entitlement allocation. Funding for the 2013 Program Year was not yet allocated to an eligible project/developer, and as such the City is now allocating those funds through this process.
The City received NSP funding as part of the Housing and Economic Recovery Act, 2008. Program income has been received in the amount of $429,392 as the result of the sale of 4 NSP homes to qualified buyers. Staff is recommending re-allocation of $150,000 in unexpended program income, from the NSP Homebuyer Program, to the NSP Rental Program, to be awarded to Boreas, LLC for the Aurora Impact Initiative project.
Staff i...
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