HomeMy WebLinkAboutMINUTES - 03232004 - C64 TO: BOARD OF SUPERVISORS - � . Contra
FROM: Dennis M. Barry, " Costa
F ' County
Community Development Director • <L
DATE: March 23, 2004
SUBJECT: Consolidation of$2,525,802 in recaptured and unallocated funds in the HOME Investment
Partnerships Act funds into the FY 2003/04 HOME Housing Development Assistance Fund
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) chi BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. APPROVE the consolidation of $2,525,802 in unallocated and recaptured HOME Investment
Partnership Act(HOME)funds to the FY 2003/04 HOME Housing Development Assistance Fund
(HOME/HDAF).
2. ALLOCATE ten percent of program income to HOME program administration.
FISCAL IMPACT
No General Fund impact. HOME funds are provided to the County annually on a formula allocation
basis through the U.S. Department of Housing and Urban Development (HUD).
BACKGROUNDIREASONS FOR RECOMMENDATIONS
On May 8, 2003, the Board of Supervisors approved the allocation of$497,941 to the FY 2003/04
HOME/HDAF. Loan repayments have increased the HDAF balance to $1,081,629. In addition,there
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
a ECOMMENDATION OF COUNTY ADMINISTRATOR # COM � NDATION OF OARD
COMMITTEE #
APPROVE OTHER
SIGNATURE(S):, ;
ACTION OF BO, ON March 23, 2004 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT none ) 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(925) 335-1253 ATTESTED March 23, 2004
Orig/ce: Community Development Dept. (CDBG) JOHN SWEETEN, CLERK OF
cc: County Administrator THE BOARD OF SUPERVISORS
County Counsel AND CtTY> DM TRATOR
Project Sponsors via CDD B ��` % I ,,: EPUTY
is $529,173 in carryover funds from the FY 2002/03 HDAF and $915,000 in recaptured funds.
Recaptured funds consist of$210,000 from a 1995 City of Pittsburg homeowner rehabilitation project
(HSG 95-02), $200,000 from a 1999 Pittsburg homeowner rehabilitation project (HSG 99-65), and
$500,000 from the cancelled Gentrytown project. Pittsburg is currently operating the housing
rehabilitation program with its Redevelopment Agency funds. The County now uses Community
Development Block Grant resources to fund homeowner rehabilitation programs.
HUD allows ten percent of program income (loan repayments) to be used for HOME program
administration expenses.Allocating these funds from FY 2003/04 program income will provide 564,346
to the administration budget.
Approval of the recommended fund transfers will consolidate existing unexpended, recaptured, and
repaid housing resources into the FY 2003/04 HOME/HDAF and facilitate their use for additional
affordable housing development. The purpose of the HOME/HDAF is to provide resources to assist
affordable housing projects that develop during the current program year.
1f all of the fund transfers are approved, the balance of the FY 2003/04 HOME/HDAF will be
$2,508,614. Historically, HOME/HDAF funds have been used to fund a variety of projects, including
affordable rental housing for extremely-low and very-low income households and seniors, supportive
housing for special needs populations(e.g.,disabled households),and transitional housing for homeless
families. The Department has pending requests for HOME funds totaling $4.4 million and there is
another$4 million in potential requests for HOME/HDAF funds.