Consent 1.N.
Regular City Council Meeting
- Meeting Date:
- 10/14/2014
- TITLE
- Budget reallocations to support the Foreclosure Acquisition / Rehabilitation Program
- PRESENTED BY:
- Candi Millar
- Department:
- Planning & Community Services
Presentation:
PROBLEM/ISSUE STATEMENT
The City’s FY14-15 Community Development Block Grant (CDBG) allocation was insufficient to fund the popular Foreclosure Acquisition / Rehabilitation program in July 2014. Staff is requesting changes in the budget to reflect the following allocations to support this program:
- $110,000 in program income from the sale of program properties.
- Up to $50,000 from the Home Reinvestment Revolving Loan Program.
- $2,990 from the FY2013-2014 CDBG First Time Homebuyer program.
- $32,575 from the FY2013-2014 Foreclosure Acquisition / Rehabilitation Program.
ALTERNATIVES ANALYZED
City Council may:
- Approve changing the budget or;
- Disapprove changing the budget.
FINANCIAL IMPACT
This budget change would commit approximately $195,000; adequate funding to purchase and rehabilitate a foreclosed property for sale to a low income household. Total costs to acquire and rehabilitate homes through this program range from $153,000 to $193,000 and averaged just under $180,000.
RECOMMENDATION
Staff and the Community Development Board recommend City Council approve this budget change to support the Foreclosure Acquisition/Rehabilitation Program.
APPROVED BY CITY ADMINISTRATOR
Attachments
No file(s) attached.