Laserfiche WebLink
is similar to the allocation of funds in the last fiscal year. In addition to these programs, Eugene staff <br />anticipates up to $1,000,000 will be available for HOME interim financing. This amount may change <br />depending upon project timing and overall availability of funds. <br /> <br />Housing Development <br />– $700,000 in new and carryover funds. Housing Development includes <br />funding for acquisitions, new development construction, rehabilitation, and project-related soft costs <br />incurred by the jurisdictions. Funds can be used for rental or home ownership developments. Eugene <br />awards funds in this category through an annual RFP processes. Eugene’s 2008 Housing RFP was <br />released in November and proposals were due in February 2008. The Allocations Committee reviewed <br />the proposals and recommended projects for consideration at a public hearing to be conducted by the <br />thth <br />Housing Policy Board on May 5. The item will come to the council on June 5. <br /> <br />Homebuyer Assistance Program (HAP) <br />– $150,000 in new funds and up to an additional $100,000 <br />based on how much program income is received. Eugene offers up to $10,000 in downpayment <br />assistance at closing to eligible households seeking to purchase homes. The funds are repaid upon resale <br />. <br />of the homeDue to increasing home sale prices, Eugene saw a decline in demand for down payment <br />assistance in 2006/07 with only 12 loans closing that year. In 2007/08, however, 23 loans were made, in <br />great part due to the conversion of Westmoreland units to condominiums. Staff continues to actively <br />seek out opportunities to partner with developers to create more affordable homeownership options. In <br />these cases, staff recommends increasing the loan amount up to $20,000 when appropriate. <br /> <br />Community Development Housing Organization (CHDO) Operating Funds <br /> – The Consortium may <br />award up to 5% of new HOME funds for CHDO general operating grants. The total budgeted amount <br />for this item is $70,000. Eugene’s contribution is $49,000 and Springfield’s contribution is $21,000. <br />Consortium CHDO operating funds will be split equally between the four active CHDOs: Mainstream <br />Housing, Inc, Metropolitan Affordable Housing Corporation (Metro), Neighborhood Economic <br />Development Corporation (NEDCO), and St. Vincent DePaul Society of Lane County, Inc. Each <br />CHDO will receive $17,500. All CHDO’s must be certified or recertified each year in order to receive <br />CHDO Operating Funds. <br /> <br />Administration - <br /> $98,308 – The Federal grant management system automatically budgets 10% of new <br />HOME funds for administration. Eugene will receive 70% of the amount awarded to the Consortium. <br /> <br /> <br />RELATED CITY POLICIES <br />This allocation plan is based on the Consolidated Plan 2005 which guides the use of federal CDBG, <br />HOME, and ADDI funds through 2010. In order to allocate funds to specific programs or projects, <br />HUD regulations require a citizen participation process, including advertising and conducting a public <br />hearing, followed by City Council action. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The City Council can approve, not approve, or modify the One-Year Action Plan for use of Federal <br />CDBG, HOME, and ADDI funds for 2008/09. <br /> <br /> <br /> <br /> <br />F:\CMO\2008 Council Agendas\M080414\S0804143H.doc <br /> <br />