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REQUEST FOR <br />COUNCIL, ACTION <br />CITY COUNCIL MEETING DATE: <br />MAY 5, 2015 <br />TITLE: <br />APPROPRIATION ADJUSTMENT — <br />ADDITIONAL HOME INVESTMENT <br />PARTNERSHIPS FUNDS <br />(STRATEGIC PLAN NO.5, 3) <br />REC MMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />•.••• _r <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 21d Reading <br />❑ Implementing Resolution <br />El Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Approve an appropriation adjustment recognizing additional HOME Investment Partnerships <br />Program grant funds in the amount of $24,881 In the HOME revenue account, and appropriate <br />the funds in the Loans and Grants expenditure account. <br />DISCUSSION <br />Each year, the City of Santa Ana ( "City') receives funding from various formula grant allocation <br />programs administered by the U. S. Department of Housing and Urban Development (HUD). <br />One of those programs is the HOME Investment Partnerships Program (HOME) that provides <br />funding for a wide range of activities including building, buying, and /or rehabilitating affordable <br />housing for rent or homeownership or providing direct rental assistance to low - income people, <br />HUD allocated $1,191,080 in HOME funds this year to the City, but only $1,155,805 was <br />originally adopted as part of the FY 2013 -2015 budget. Therefore, the additional $24,881 must <br />be recognized and appropriated for expenditure in FY 2014 -15, These funds will be used to <br />provide loans for housing development projects. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 Community Health, Livability, <br />Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />Approval of the appropriation adjustment will increase the HOME Program revenue account <br />(no. 13018002 - 52000) by $24,881 and appropriate the same Into the Loans and Grants <br />expenditure account (no. 13018780 - 09152). <br />20A -1 <br />