Fiscal Note
The proposed resolution seeks Council approval for the City of Madison to submit its 2024 Annual Action Plan (AAP) to HUD. The AAP outlines the City's planned activities funded through federal formula grants for the 2024 calendar year.
The specific federal funding sources outlined in the AAP total $3,749,998 and include estimates of up to $2,177,251 in Community Development Block Grant (CDBG) funds, up to $1,407,602 in HOME Investment Partnerships Program (HOME) funds, and up to $165,145 in HEARTH/Emergency Solutions Grant (HESG) funds, and are supplemented by program income as well as other State and local funding sources, including Future Madison private funds, ESG/HPP/HAP ("EHH") grant funds, and Housing Cost Reduction Initiative (HCRI) grant funds.
The Community Development Division’s 2024 Adopted Operating Budget includes these funding source estimates in the Community Development Grants fund, primarily as intergovernmental revenue ($6,047,684), and authorizes the expenditure of these funds, primarily in Purchased Services. No additional City appropriation is required. However, an amendment to CDD’s 2024 Adopted Operating Budget may be required later, should the City’s actual FY24 formula grant allocations, once they have been determined and announced by HUD, prove to be greater than the estimated grant figures used in the City’s draft 2024 AAP.
Title
Adopting the City of Madison’s required 2024 Annual Action Plan (AAP) and approving submission of the Plan to the U.S. Department of Housing and Urban Development (HUD).
Body
Background
The U.S. Department of Housing and Urban Development (HUD), as a condition of awarding federal funding to the City of Madison through the Community Development Block Grant (CDBG), HOME Investment Partnerships (HOME) and HEARTH/Emergency Solutions Grant (HESG) Programs, requires the City to submit an Annual Action Plan (AAP) describing how the City will use those funds. The AAP must also describe how supplem...
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