Fiscal Note
No significant fiscal impact is anticipated.
Title
Authorizing the extension of use of currently allocated funds to Movin' Out Inc. for the provision of Rental Housing from December 31, 2008 to September 30, 2009.
Body
WHEREAS, Movin' Out, Inc. received authorization for $280,000 in HOME funds for their Rental Housing program in the 2008 City operating Budget and,
WHEREAS, Movin' Out, Inc. is applying for HUD 811 funds to use in conjunction with the HOME funds that would increase the number of affordable housing units from five to nine and,
WHEREAS, if received HUD 811 would not be available to Movin' Out, Inc. until 2009 to implement the project and,
WHEREAS, the current timeline for use of the HOME funds by December 31, 2008 is not adequate to meet the timeline of the project if HUD 811 is received,
NOW THEREFORE BE IT RESOLVED, that the Common Council approved the extension of the use of the $280,000 in HOME funds from December 31, 2008 to September 30, 2009 and authorize the Mayor and the City Clerk to amend the current agreement with Movin' Out, Inc. to reflect this amendment.