TO: Honorable Mayor and Members of the City Council
THRU: Rick Otto, City Manager
FROM: William Crouch, Community Development Director
1. SUBJECT
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Public Hearing to consider amendments to the Fiscal Year 2020-21 Action Plan to allocate HOME Investment Partnership funds as well as HOME Program Income to the Corp Yard Affordable Housing project and approval of the preliminary award letter of HOME Investment Partnership funds for the State of California Low Income Housing Tax Credits application. (Relates to Items 7.5, 11.1, and 11.3)
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2. SUMMARY
The U.S. Department of Housing and Urban Development requires the City to amend the Fiscal Year 2020-2021 Action Plan in order to allocate $1,220,618.23 in HOME Investment Partnerships funds and $379,381.77 in HOME Program Income, a total of $1,600,000, to the Corp Yard Affordable Housing project. The California Low Income Housing Tax Credits application process requires the project proponent to submit a preliminary award letter of HOME Investment Partnerships funds approved by the City Council.
3. RECOMMENDED ACTION
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1. Approve the submittal of the amended Fiscal Year 2020-2021 Action Plan for the allocation of HOME funds to the Corp Yard Affordable Housing Project to the U.S. Department of Housing and Urban Development.
2. Authorize the City Manager to execute the attached preliminary award letter of $1,600,000 in HOME Investment Partnerships funds for the Corp Yard Affordable Housing project.
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4. FISCAL IMPACT
Administration and implementation of this project is anticipated to be fully funded under the Fiscal Year 2020-2021 HOME Investment Partnerships program (317).
5. STRATEGIC PLAN GOALS
Goal 3: Enhance and promote the quality of life in the community.
e: Develop and strengthen collaborative partnerships to enhance quality of life programs, projects, and services.
c: Support and enhance attractive, diverse living environments.
6. DISCUSSION AND BACKGROUND...
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