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File #: 30694    Version: 1 Name: Homebuyers Assistance Budget Amendment
Type: Resolution Status: Passed
File created: 6/24/2013 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 7/16/2013 Final action: 7/16/2013
Enactment date: 7/22/2013 Enactment #: RES-13-00548
Title: Amending the budgets of SR56 Housing Rehabilitation Services Fund and SR51 Home-Buy Fund to transfer $150,000 from SR56 Housing Rehabilitation Services Fund to SR61 Homebuyer’s Assistance Fund.
Sponsors: Paul R. Soglin, Sue Ellingson, Scott J. Resnick
Fiscal Note
This resolution amends the budgets of two Special Revenue funds, which are presented annually in the City operating budget, to transfer $150,000 between the funds to allow each sufficient funding to meet anticipated demand through 2013. The 2013 operating budget provided originally for a transfer of $150,000 from the Housing Rehabilitation Services Fund (SR56, p. 29 of the 2013 adopted operating budget) to the Home-Buy Fund (SR51, p. 28) as it was anticipated the Home-Buy Fund lacked sufficient funding for anticipated 2013 activity. However, a State Grant award supporting the Home-Buy Fund programs in 2013 is $110,000 higher than anticipated in the original budget, such that the $150,000 from the Housing Rehabilitation Services Fund may be reallocated in support of the Homebuyer's Assistance Program Fund, which is essentially depleted of its funding and will have to cease loan activity in 2013 without additional funding. The transfer of $150,000 should allow the Homebuyer's Assistance Program to function through 2013.

More broadly, funding for the various housing rehabilitation and down payment loan programs is diminishing, such that the Funds cannot be sustained without a longer term plan for additional funding or a modification of the programs, or some combination thereof. (The Economic Development Division anticipates a report on the condition of the Funds, options and recommendations will be released soon.)

The rellocation of the transfer of $150,000 from the Housing Rehabilitation Services Fund to the Homebuyer's Assistance Fund rather than to the Home-Buy Fund has no impact on the City levy.

The budget amendment and entry necessary is as follows:

SR61-57424 $150,000 - Increase Homebuyer's Assistance Fund Loan Expenditures
SR61-79423 ($150,000)- Increase Homebuyer's Assistance Fund Revenues
SR51-57424 ($150,000) - Reduce Home-Buy Fund Loan Expenditures
SR51-79423 $150,000 - Reduce Home-Buy Fund Revenues

Amending the bud...

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