Fiscal Note
This Resolution proposes to transfer out of the Community Development Division's Housing Development Reserve Fund an amount equivalent to 20% of the total CDBG program income received by the City during the first three quarters of its 2016 program year ($1,267,167), or $253,432, for program administration purposes.
2016 Q1 total CDBG PI received = $481,583 »» 20% to be transferred out for admin = $96,316
2016 Q2 total CDBG PI received = $339,979 »» 20% to be transferred out for admin = $67,995
2016 Q3 total CDBG PI received = $445,606 »» 20% to be transferred out for admin = $89,121
This Resolution restructures how the City sets aside CDBG grant funds and associated program income for planning and administration of its community development program, in order to comply with recent guidance from the U.S. Department of Housing and Urban Development (HUD).
No additional City funds are being requested by this Resolution, and there is no impact on the local City levy.
62110111-43630-71016 AFF HSG PI CDBG 16 PRGM PRNCP 253,432
62550111-43630-71016 CD 26 A PI CDBG 16 PRGM PRNCP (253,432)
Title
Approving the transfer of CDBG program income funds out of the CDD Housing Development Reserve Fund for use in administering the City's community development program, in order to comply with recent HUD guidance regarding how the federal agency's Integrated Disbursement and Information System (IDIS) now handles CDBG funds for planning and administration.
Body
BACKGROUND
The CDBG regulations at 24 CFR 570 require that recipients of entitlement grants limit the amount of CDBG funds obligated for planning and administration during each program year to an amount no greater than 20 percent of the sum of its entitlement grant made for that program year plus the program income received by the recipient during that program year. In past program years, HUD's Integrated Disbursement and Information System (IDIS) permitted the aggregate 20 percent figure t...
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