Label
Neighborhood Stabilization Program Round (NSP2) Program Income
Department of Neighborhoods
Rosalyn Clemens (x3647)
(Revised)
...Title
Authorizing the disappropriation of $462,282.05 from the Operating Grants Federal Stimulus Fund; authorizing the operating transfer of existing NSP program income to the Community Development Block Grant (CDBG) Fund; authorizing the appropriation and expenditure of $462,282.05 to the CDBG Fund for CDBG activities; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city of Toledo was awarded $10,150,840 in 2010 under HUD NSP 2 to fund work in declining neighborhoods heavily hit by foreclosures during the Great Recession. The NSP 2 regulations required that all income derived from the sale or recapture of project funds (i.e. program income) was to be used for additional NSP 2 activities.
Due to the wind down and closeout of NSP activities, HUD is allowing grantees to transfer existing NSP program income to CDBG. At this time, HUD has authorized the City of Toledo to reallocate remaining NSP 2 program income funds to be used for Community Development Block Grant (CDBG) activities. This ordinance authorizes the re-appropriation of NSP 2 funds to CDBG and further authorizes the expenditure of same for eligible CDBG activities.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $462,282.05
- The expenditure budget line item: 2015-5G46000NSPXFR
- New revenue generated (operational revenue, grants, if any): none
- Revenue budget line item (if any): none
- Are funds budgeted in the current fiscal year (yes/no)?: no
- Is this a capital project (yes/no)? no
- If yes, is it new or existing (new/existing)? n/a
- What section of the City's Strategic Plan does this support:
o Excellence in Basic Services (yes/no) yes
o Quality Community Investment (Livable City, Development) (yes/no) yes
o Workplace Culture & Customer Service (yes/no) no
o Environment (yes/no) no
Summary
NOW, THEREFORE, ...
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