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Planning and Building Department, Economic Development and Administration Division, Affordable Housing Unit, recommending the Board consider the following:
1) In accordance with Board Policy A-6, accept a HOME Investment Partnerships Program grant award from the Department of Housing and Community Development, in the amount of $500,000, for the County’s ongoing First-Time Homebuyer Loan Program;
2) Delegate authority to the Director of the Planning and Building Department to execute the Standard Agreement and subsequent amendments thereto that do not affect the dollar amount or term and to sign other grant-related documents, contingent upon approval by County Counsel and Risk Management; and
3) Approve and authorize the Chair to sign a budget transfer amending the Fiscal Year 2024-25 Adopted Budget increasing revenue and appropriations by $500,000 in the Affordable Housing Unit Budget. (4/5 vote required)
FUNDING: Federal Home Investment Partnerships Program Grant Funds - 100%.
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DISCUSSION / BACKGROUND
On January 19, 2024, the California Department of Housing and Community Development (HCD) released a Notice of Funding Availability (NOFA) for approximately $120 million in Federal funds for the HOME Investment Partnerships Program (HOME). HOME funding provides loans or grants to eligible HOME applicants, such as the County, serving low- (at or below eighty [80] percent of Area Median Income [AMI]) and very-low income (at or below fifty [50] percent of AMI) households. HOME funds may be used for eligible activities including, but not limited to First-Time Homebuyer (FTHB) Programs, Owner-Occupied Rehabilitation (OOR) Programs, and Tenant-Based Rental Assistance (TBRA) Programs.
Following release of the NOFA, the County submitted an application for an allocation of up to $1,500,000 in HOME funds to support the County’s FTHB and OOR Programs. Of the $1,500,000 requested, the County was awarded $500,000, with $487,500 for use toward eligible activit...
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