20A - AA - HOUSING PROGRAM - Laserfiche WebLink

Home Browse Search

Appropriation Adjustment — HCV Program and HOME Program June 19, 2018 Page 2 Act"). Pursuant to the 2017 Act and 2018 Act, the Housing Authority will receive and expend housing assistance payment funds for voucher holders who transfer or "port" their rental subsidy when they move from Santa Ana to a different jurisdiction in excess of the estimated FY 2017-18 budget. The appropriation adjustment will align the City's FY 2017-18 budget more closely with HUD's calendar year allocation methodology. The HOME program is the largest federal grant program designed to create housing for low- income households. Santa Ana uses the funds for a variety of loan programs to enhance existing housing stock through rehabilitation, down payment assistance for first time homebuyers, and to assist in the development of new affordable housing units. In FY 2016-17, the City was allocated $1,145,144 in HOME funds but the total amount appropriated as part of the adopted City budget for that year was $1,139,061. The difference of $6,083 was never recognized for appropriation into the City budget in the prior fiscal year. The appropriation adjustment will adjust the HOME program's budget in the City's financial system to match HUD's federal grant system budget. STRATEGIC PLAN ALIGNMENT Approval of these items assists the City in meeting Goal # 4 — City Financial Stability, Objective #1 (Maintain a stable, efficient and transparent financial environment) and Goal #5 — Community Health, Livability, Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods). FISCAL IMPACT Approval of the HCV Program appropriation adjustment will recognize $2,771,060 in revenue account (nos. 13618002-52000 and 13718002-52000) and increase the FY 2017-18 expenditure accounts as follows: Account Number Program Amount 13618760-69158 HCV HAP $ 500,855 13618760-69159 HAP -FSS Escrow 41,490 13618760-69162 Port Out HAP 2,101,200 13718760-69162 NED Port Out HAP 127,515 TOTAL: $ 2,771,060 Approval of the HOME Program appropriation adjustment will recognize $6,083 in revenue account (no. 13018002-52000) and increase the FY 2017-18 reserve appropriation account (no. 13018780-69011) by the same amount. Steven A. Mendoza Executive Director APPROVED AS TO FUNDS AND ACCOUNT: �,Z", A0 Francisco Gutierrez Executive Director r" iia cA�- Community Development Agency Finance and Management Services Agency - � RU i36%i37 t// 20A-2