HomeMy WebLinkAboutMINUTES - 03212006 - C.36 TO: BOARD OF SUPERVISORS Contra
FROM: Dennis M. Barry, AICP, 01. Costa
Director of Community Development DATE: March 21, 2006 sT4 C---— County
SUBJECT: Additional allocation of $250,000 in FY 2005/06 Community DevelopmentCw
Block Grant RevolvingLoan Funds for the Building Inspection Neighborhood 9 3
9 p 9
4
Preservation Program for a New Budget Total of $1,750,000
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION: APPROVE an additional allocation of $250,000 in FY 2005/06
Community Development Block Grant (CDBG) Revolving Loan Funds (RLF) for the
Building Inspection (BID) Neighborhood Preservation Program (NPP) for a new budget total
of $1,750,000.
FINANCIAL IMPACT: No General Fund impact. CDBG funds are provided to the
County on a formula basis through the U.S. Department of Housing and Urban
Development.
BACKGROUND: On March 1, 2006, the Affordable Housing Finance Committee
(AHFC) voted to recommend that the Board approve $250,000 in CDBG RLF to allow
NPP to enter into approximately 8 additional loans this fiscal year. BID has been very
successful in marketing NPP and has a waiting list of 28 qualified homeowners. BID
has committed the $1.5 million of funds allocated to NPP for FY 2005/06. This will be
a one-time increase in funds to address the current demand. In the future, BID will
limit the average number of loans processed each month to keep pace with the
amount of available funds. The RLF will have a balance of approximately $350,000 if
this request is approved. These funds will be needed to maintain the program as loan
repayments slow and to lessen the impact of the additional cuts to the CDBG
program proposed for FY 2007/08.
CONTINUED ON ATTACHMENT: ❑ YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR ❑ RECOMME DATION O OARD COMMITT
�PPROVE ❑ OTHER
SIGNATURE(S): I
ACTION OF BOA D N u
APPROVED AS RECOMMENDEDOTHER ❑
TUE OF SUPERVISORS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
NANIMOUS (ABSENT I ) ENTERED ON THE MINUTES OF THE BOARD OF
AYES: NOES: SUPERVISORS ON THE DATE SHOWN.
ABSENT: ABSTAIN: ATTESTED
Contact: Kara Douglas,335-7223 JOHN CULLEN, CLERK OF THE BOARD OF
cc: County Administrator
SUPERVISORS AND COUNTY ADMINISTRATOR
County Counsel /
Auditor-Controller
Community Development By: puty
BID via CDD