HomeMy WebLinkAboutMINUTES - 05061997 - C121 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA C. /V
TO: BOARD OF COMMISSIONERS
FROM: Richard J. Martinez,Executive Director
DATE: May 6, 1997
SUBJECT: AUTHORIZE THE EXECUTIVE DIRECTOR TO SUBMIT APPLICATION FOR
PARTICIPATION IN"DOWNPAYMENTS ON THE AMERICAN DREAM POLICY
DEMONSTRATION PROGRAM.
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
L RECOMMENDED ACTION:
AUTHORIZE the Executive Director of the Housing Authority of the County of Contra Costa to submit an application
for participation in"Downpayments on the American Dream Policy Demonstration Program"being solicited by the Corporation
for enterprise Development in Washington,DC.
IL FINANCIAL IMPACT:
None.No general funds required.
III. REASONS FOR RECOMMENDATION/BACKGROUND
The Corporation for enterprise Development,a national economic development policy research and demonstration
organization,is soliciting Request for Proposals for the"Downpayments on the American Dream Policy Demonstration'. The
demonstration will be the first large test of the efficacy of Individual Development Accounts(IDAs)as a route to economic
independence for low-income Americans. IDAs are leveraged savings and investment accounts for poor and working families
restricted to high return investments in education,home ownership and business development. The Demonstration will test the
extent to which low income people can and will save if properly supported,can utilize their leverages savings to build
businesses,homes and skills,and, in doing so create jobs,build families,restore hope,and generate profits,taxes,economic and
social development. If our application is selected,the Housing Authority would be granted between$25,000 and$100,00 to be
used to develop a model to teach Public Housing residents and Section 8 participants how to make their money work for them.
This would be done by teaching them what investing is and how to go about it. Many people who invest can live on the profits
they make with their investments. If this can be done for some Housing Authority clients,perhaps we can help them to become
self-sufficient.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect not to authorize the Executive Director to submit an application for
participation in the"Downpayments on the American Dream Policy Demonstration,the Housing Authority would lose an
opportunity to possibly participate in a program that would create and develop new programs for our Public Housing residents
and Section 8 participants enabling them to have the opportunity to learn how to save money and invest in their future,thereby
enabling them to become self-sufficient.
CONTINUED ON ATTACHMENT: YES SIGNATUREN
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON 1197 APPROVED AS RECOMMENDED V OTHER
VOTE OF COMMISSIONERS
V07
I HEREBY CERTIFY THAT THIS IS A
_UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
COMMISSIONERS ON THE DATE SHOWN.
ATTESTED Ctg
PHIL lAAtPHFtOk,CLE*K OF
THE BOA-RD OF COMMISSIONERS
AND COUNTY ADMINISTRATOR
B DEPUTY