HomeMy WebLinkAboutMINUTES - 09092003 - C.123 1 l
TO: BOARD OF SUPERVISORSN Contra
Costa
FROM: Dennis M. Barry, AICP County
Director of Community Development Yeti.,
DATE: September 9, 2003
SUBJECT: Establishment of Trust Fund for the CDBG First-time Homebuyer Revolving Loan Fund
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) {& BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
DIRECT and AUTHORIZE the Auditor-Controller's Office to establish a Trust Fund for the Community
Development Block Grant First-time Homebuyer Revolving Loan Fund.
FISCAL IMPACT
None
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 11, 2003, the Board of Supervisors approved a revolving loan fund for first-time homebuyer
programs using Community Development Block Grant(CDBG)funds. Pursuant to federal regulations, CDBG
funds held in trust must be transacted through the County finance system and be held in an interest bearing
account. The earned interest is paid to the U.S. Department of Housing and Urban Deyelnqftt.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
# ///
- COMMENDATION OF COUNTY ADMINISTRATORNOMMEN ION OF BOARD
COMMITTEE
..,-APPROVE OTHER #
f
SIGNATURE(S): 4 ACTION
OF BOARD ON p r-9-j 2003 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENTy ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kara Douglas, 335-1253 ATTESTED
September 91 2003
Orig: Community Development/CDBG JOHN SWEETEN, CLERK
cc: County Administrator OF THE BOARD OF SUPERVISORS
County Counsel AN NTY��I �' TOR
Auditor-Controller BY �� , DEPUTY