Requesting approval to re-allocate $79,637.26 from the FY 2005 HOME – Home Buyer Assistance (HBA) Program surplus balance to FY 2005 HOME Owner Occupied Rehabilitation Program.

The UCP noted a drop in applicants for the HBA Program during the last two quarters of FY 08, due to the down turn of the housing market.  As the market changes for the better, application intake has increased and remains steady.  The UCP did not allocate additional HBA funding for FY 06, 07 & 08 due to the fact that there was a sufficient amount of funds within the FY 05 allocation.  At this point, HBA funding for all other fiscal years has been depleted with the exception of FY 05 and the newly awarded FY 09 funding.  Our office has determined that with the amount of approved applications and loan/grant amounts currently being undertaken within the HOME Owner Occupied Rehabilitation Program, the FY 05 funds will be expended more rapidly if reallocated.  The FY 09 HBA Program allocation is currently at $200,000.  This amount will allow the UCP to continue to provide down payment/closing cost assistance to qualified borrowers within our County.