Laserfiche WebLink
ATTACHMENT B – HOME Sources and Recommended Uses Table and Summary Descriptions <br /> <br />SOURCES OF FUNDS <br />AMOUNT <br />NEW HOME ENTITLEMENT GRANT <br />$ 954,705 <br />UNUSED FUNDS FROM PREVIOUS YEARS <br />$ - <br />PROGRAM INCOME <br />$ 85,000 <br />TOTAL <br />$ 1,039,705 <br />RECOMMENDED USES OF FUNDS <br />AMOUNT <br />HOUSING DEVELOPMENT <br />$ 602,235 <br />HOMEBUYER ASSISTANCE PROGRAM <br />$ 245,000 <br />SECURITY DEPOSIT ASSISTANCE <br />$ 49,000 <br />CHDO OPERATING SUPPORT <br />$ 48,000 <br />ADMINISTRATION <br />$ 95,470 <br />TOTAL <br />$ 1,039,705 <br /> <br /> <br />Housing Development <br />– $602,235 is recommended to support Housing Development activities <br />including acquisitions, new development construction, rehabilitation, and project-related soft costs <br />incurred by the jurisdictions. Funds can be used for rental or homeownership developments. Eugene <br />awards funds allocated for Housing Development through an annual RFP processes. Eugene’s 2011 <br /> <br />RFP was released March 11and proposals are due May 31, 2011. The Evaluation Committee of the HPB <br />will review the proposals in June, HPB will hold a public hearing and make a recommendation in <br />September, and the recommendation is scheduled to be considered by City Council in September. <br /> <br />Homebuyer Assistance Program (HAP) <br />– $145,000 in new funds and up to an additional $85,000 in <br />program income is recommended to support HAP. Through HAP, the City offers up to $10,000 in <br />downpayment assistance to low-income households seeking to purchase homes. <br /> <br />Security Deposit Assistance Program <br /> - $48,000 in new funds for a security deposit assistance program <br />is recommended to help households earning less than 50 percent of area median income to attain suitable <br />rental housing. If funds are allocated, staff will work with member of HPB and area housing agencies to <br />develop and implement the program. <br /> <br />\\Cesrv500\cc support\CMO\2011 Council Agendas\M110425\S1104255 - and att's A,B and C.doc <br /> <br />