HomeMy WebLinkAboutAGENDA REPORT 1998 0415 CC REG ITEM 11FTO:
DATE:
CITY OF MOORPARK
CITY COUNCIL AGENDA REPORT
Honorable City Council
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ITEM •
CrIT OF MOORPARK, CALIFORNIA
City Council Meeting
of 4 P r i' l I S 199 S
ACTION: A r 0 e d
54-a f f recornn,enc(al-(orn
BY: <Yi Q44
Nancy Burns, MRA Senior Management
April 3, 1998
Analyst 12�
SUBJECT: Reallocation of HOME Funds ($50,000)
from FY 1996/97
Background
The City received $50,000 in HOME funds for FY 1996/97, to be
used for housing rehabilitation assistance. To date, none of
these funds have been expended.
Discussion
The City's application to the County of Ventura was denied for
$112,500 in HOME funds to be used for down payment assistance for
low and very low income first time home buyers. In its funding
decisions, the County considers the ability to utilize funds in a
timely manner, leverage HOME funds with private or other public
funds, and demonstrate progress in meeting housing projections
identified in the County's Consolidated Plan.
Reallocating the $50,000 in HOME funds to provide down payment
assistance to very low income persons would enable the City to
assist four (4) to six (6) households who are least able to
become home buyers solely by their own efforts. With modest
outreach to the real estate community and to the public at large,
these funds could be put into houses as soon as qualified buyers
are identified and eligible properties are located.
The required 25o match ($12,500) from the City may be
supplemented by additional financial assistance from local
lenders with Community Reinvestment Act (CRA) responsibilities.
C: \M \NI,B \AGNDARPI' \REALLOCATION OF HOMF. $- April. 6, 1998 1
Recommendation
Approve the reallocation of $50,000 in HOME funds from FY 1996/97
from housing rehabilitation assistance to down payment assistance
for very low income first time home buyers, not to exceed $12,500
per transaction.
C: \M \NLB \AGNDARPT \REALI,OCATION OF' HOME $ -April 6, 1998 2
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