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HomeMy WebLinkAboutAGENDA REPORT 2000 0105 CC REG ITEM 11CMOORPARK CITY COUNCIL AGENDA REPORT TO: Honorable City Council I l -1. -150 vci,i- %(e-) TTEM ) l • C of�nr�A�F,� ©ar7...._, AC A. raur��_.._,_�.... �._. FROM: John E. Nowak, Assistant City Manager DATE: 08 December 1999 (Council Meeting of 01- 05 -00) SUBJECT: Consider Release of HOME Funds to County of Ventura BACKGROUND: At its April 15, 1998 meeting the City Council approved allocation of $50,000 in federal HOME funds for down payment assistance for very low income first time home buyers. The funds were matched with $12,500 in Redevelopment Agency housing funds. On. December 2, 1998 guidelines for the use of the funds were approved. The City has been unable to find a qualified household to use the funds. DISCUSSION: In April 1998 the City Council approved allocating $50,000 in federal HOME funds for down payment assistance for very low income households. The Redevelopment Agency approved the 25% matching funds of $12,500. These funds will revert to the Agency's reserve account. In December 1998, guidelines were established for use of the funds. During 1999, no qualified households were found to use the HOME program. The County of Ventura staff has indicated now if the City allocation of funds eligible for a ne matching funds would that time a be in place administers the HOME program. County that it could utilize the HOME funds cannot. If Moorpark releases its to the County, the City would be w allocation next fiscal year. The be re- appropriated at that time. By more aggressive housing assistance program may which can use the HOME funds. In the meantime, ®11 #0,c,(:yo Release of HOME Allocation Meeting of 05 January 1999 Page 02 a qualified household in the County can use the current allocation. STAFF RECOMMENDATION: That the City Council authorize the release of its HOME funding allocation to the County of Ventura. 00029:1