HomeMy WebLinkAboutPR 15224: HOPE 3 FUNDSc'm / ~~~
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MEMORANDUM
TO: Stephen Fitzgibbons, City Manager
FROM: Colleen Russell, Director of Planning and Community Development
DATE: May 11, 2009
SUBJECT: P. R. 15224
RECOMMENDATION:
It is recommended that the City Council approve P.R. 15224. This resolution
authorizes the reprogramming of HOPE 3 funds (HOPE 3 Loan Repayments) in
the amount of $300,000 to Housing Programs expense account number 117-
1404-621.59-00.
BACKGROUND:
The purpose of the "Homeownership for People Everywhere" (HOPE 3) grant
authorized by the National Affordable Housing Act of 1990 is to purchase,
rehabilitate, reconstruct and sell homes to low to moderate income persons and
families. This money is program income from previously repaid loans.
BUDGETARY/FISCAL EFFECT:
HOPE 3 Loan Repayments will provide funding for rehabilitation and/or
reconstruction of houses including repairs and reconstruction on houses that
were previously rehabilitated under the RITA CDBG Disaster Recovery Program.
SUMMARY:
The City Council is asked to approve P.R, Number 15224.
P. R. 15224
05/11/09 - CR
RESOLUTION NUMBER
A RESOLUTION AUTHORIZING THE REPROGRAMMING OF HOPE 3
FUNDS (HOPE 3 LOAN REPAYMENTS) IN THE AMOUNT OF $300,000
TO HOUSING PROGRAMS EXPENSE ACCOUNT NUMBER 117-1404-
621.59-00.
WHEREAS, it has been determined that HOPE 3 FUNDING will be
allocated to the Community Development Division, Housing Programs for home
repairs/reconstruction including repairs and reconstruction on houses that were
previously rehabilitated under the RITA CDBG Disaster Recovery Program in
eligible CDBG areas of the City, and;
WHEREAS, it has been determined that the funding for the Housing
Programs in the amount of $300,000 is available for reprogramming from prior
year HOPE 3 Loan Repayments; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT
ARTHUR:
THAT the City Council authorizes the reprogramming of HOPE 3 funds in
the amount of $300,000 from prior year HOPE 3 Loan Repayments to Housing
Programs expense account #117-1404-621.59-00;
THAT a copy of the caption of this resolution be spread upon the minutes
of the City Council.
READ, ADOPTED AND APPROVED this
MAY,
day of
A.D., 2009 at a Regular Meeting of the City
Council of the City of Port Arthur, Texas by the following vote:
AYES: MAYOR
NOES:
MAYOR
ATTEST:
CITY SECRETARY
APPROVED FOR FORM:
CITY ATTORNEY
APPROVED OR ADMIN RATION:
~~~
CITY MANAGER
APPR VED FOR AVAILABILITY OF FUNDS:
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DEBORAH E ,
DIRECTOR F I
-1 ~ L
LLEEN RUS ELL D ECTOR
PLANNING & COMMUNITY DEVELOPMENT
