To: Honorable Mayor and Members of City Council
From: Vincent Smith, Community Development Director
Prepared By: Lark Ferrell, Housing Manager and Andrea Clark, Affordable Housing Representative
TITLE:
Title
HOME Funds for Tenant Based Rental Assistance
LABEL
RECOMMENDED ACTION:
Recommendation
(1) Adopt a resolution authorizing the Community Development Director to submit an amended 2018 application to the California State Department of Housing and Community Development for a grant of up to $1,000,000 under the HOME Investment Partnership Program and to execute all documents necessary to accept the grant and approving the increase in both revenue and expenditure budgets in the HOME Fund by $1,000,000 as documented in Budget Adjustment No. BE2004503; and (2) adopt a resolution authorizing the use of HOME Program Income to be used for Tenant Based Rental Assistance and approving Tenant Based Rental Assistance Program Guidelines.
Body
DISCUSSION:
The City has received grants through the California Department of Housing and Community Development ("HCD") under the HOME Investment Partnership Program ("HOME") from the U.S. Department of Housing and Urban Development ("HUD"). These grants have primarily been used to fund City's first time homebuyer down payment assistance program. In June 2018, HCD issued a Notice of Funding Availability (NOFA) under the HOME Program. In response to the NOFA, the City applied for, and in February 2019 was awarded, $1,000,000 in first time homebuyer funding. However, to date, HCD has not yet issued a Standard Agreement for the grant.
In addition to receiving HOME funds through new grants, the City also receives HOME program income when borrowers repay their first time homebuyer loans. Currently, the City has approximately $1,000,000 in uncommitted HOME Program Income.
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