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1 <br /> Economic & Urban Development Department Memorandum <br /> # 04-183 <br /> November 30, 2004 <br /> TO: Honorable Mayor Osborne and City Council <br /> FROM: Steve Garm ity Manager <br /> Dane C. Bra , Assistant City Manage <br /> Linda J. Lo e,Neighborhood Program anager ��� � <br /> SUBJECT: Amendment to FY 2004-OS Annual Action Plan <br /> RECOMMENDATION: Staff recommends approval of the attached resolution amending the <br /> FY2004-OS Annual Action Plan to reprogram carryover funds to meet current year needs. The <br /> amendment will add: $87,600 in HOME funds for Community Housing Development <br /> Organization (CHDO) projects; provide $35,000 in HOME funds for CHDO operating funds; <br /> provide $250,000 in HOME funds for new affordable housing; provide an additional $28,000 in <br /> HOME funds for supportive housing; increase home buyer assistance by $87,935 in HOME <br /> funds, and add $74,475 in Community Development Block Grant (CDBG) funds for the Roof <br /> and Porch Program. <br /> BACKGROUND: Each year the Neighborhood Redevelopment Division of the Economic and <br /> Urban Development Department develops an Annual Action Plan in accordance with the <br /> regulations set forth by the U. S. Department of Housing and Urban Development (HUD) <br /> describing federal funding allocations for the upcoming year. The Plan is reviewed and approved <br /> by HUD and the City Council. Should the funds in the Annual Action Plan not all be used, HUD <br /> allows those funds to be carried over for a specified period of time, giving cities the option of <br /> using those funds for other purposes within the guidelines and amending the Annual Action Plan <br /> if needed. <br /> The City made a commitment to assist in the construction cost of home ownership units by <br /> setting aside HOME funds for Phase I and Phase II in Wabash Crossing. With the delay in <br /> construction of those units, funds set aside for Phase II need to be reprogrammed in order to meet <br /> federal guidelines for commitment and expenditure of HOME funds. As construction time for <br /> Phase II approaches, the HOME funds from future allocations may be set aside to assist in the <br /> cost of home ownership units. These and other carryover HOME funds are being reprogrammed <br /> for the following purposes: to increase the amount set aside for CHDO projects by$87,600 along <br /> with providing $35,000 for CHDO operating funds; providing $250,000 for new affordable <br /> � housing; and, setting aside $28,000 for supportive housing. <br /> HOME funds in the amount of $87,935 were set aside in the 2002-03 Action Plan to provide <br /> home buyer assistance as a part of the Neighborhood Stabilization Project in targeted areas. <br /> While those funds have not been utilized, the City's other home buyer assistance funds have been <br />