Label
33rd (2024) Program Year HOME
Department of Housing and Community Development
Rosalyn Clemens (x3647)
Title
Authorizing the acceptance, deposit, appropriate and expenditure the HOME Investment Partnership Program Grant in the amount of $1,899,015 from the U.S. Department of Housing and Urban Development (HUD) for the purpose of funding the 2024 HOME Investment Partnership Program; authorizing the expenditure of HOME Carryover funds from all years prior to program year 2023 (32nd) in the amount of $2,646,953; and authorizing submission to the U.S. Department of Housing and Urban Development the 2024-2025 Annual Action Plan; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo (COT) receives from the U.S. Department of Housing & Urban Development (HUD) a designated amount of HOME Investment Partnership Program (HOME) funding, annually, as an entitlement city and participating jurisdiction, to create and maintain affordable housing for low- and moderate-income households. The city's receipt and acceptance of HOME funding requires compliance with HUD regulations, directives, and guidelines, as well as, priorities established in the HUD approved 2020-2024 Five Year Consolidated Plan and the Annual Action Plan for the City of Toledo. HOME funds are used by the City for administration of the program, rental housing development, down payment and closing costs assistance, Community Housing Development Organization (CHDO) set aside, homeowner rehabilitation, and homebuyer units development.
This Ordinance is to authorize the Mayor to submit to HUD the 2024-2025 Annual Action Plan on June 28, 2024; accept and deposit the 2024 Program Year HOME allocation received from HUD into the appropriate Account Codes; and expend the 2024 Program Year HOME allocation $1,899,015 as well as the HOME carryover funds in an amount of $2,646,953 from all years prior to program year 2023 (32nd).
The financial impact of this Ordinance is the receipt...
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