Fiscal Note
HUD’s Approval of the Substantial Amendment means that the City will receive $534,096 in additional federal funds. Up to 10 % is available to the CDBG Office for administrative costs; the balance will be contracted with non-profit or for-profit agencies selected as part of an RFP process. This funding and expenditures are not currently included in the CDBG Adopted Operating budget; therefore, an amendment to the budget to recognize the additional funding of $534,096 and commensurate expenditures in required. The CDBG 2009 Adopted Operating budget will need to be amended as follows:
$534,096 SC01 54920 260000 (Expenditures: Community Agency Contracts)
($534,096) SC01 73113 260000 (Revenues: HUD Grant)
Title
Approving the City’s Substantial Amendment to the Community and Neighborhood Development Consolidated One Year Action Plan (2008); authorizing the Mayor and City Clerk to sign the amendment as a condition for receiving HUD Community Development Block Grant - Recovery Program funds, and amend the Adopted CDBG Operating budget to recognize $534,096 in federal revenues and commensurate expenditure authority and authorizing the CDBG Office to issue Requests for Proposals (RFP) for provision of services.
Body
WHEREAS, the American Recovery and Reinvestment Act of 2009 provides $534,096 to the City for the Community Development Block Grant -Recovery Program for the purpose of providing community development assistance for projects which will assist low or moderate income households while creating and or retaining jobs and providing long term benefits to the City of Madison.
WHEREAS, the City's Community and Neighborhood Development Consolidated One Year Action Plan (2008) sets forth the housing, economic development and neighborhood activities of the CDBG Office using federal, state and city funds;
WHEREAS, the amendment to this Plan allows the CDBG Office to expend the new Community Development Block Grant - Recovery funds to assist low ...
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