City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 18, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
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Consideration of a Budget Transfer to Allocate up to $452,000 in Federal Home Investment Partnerships Program (HOME) Monies (Including Local Match) to Rebuilding Together Alexandria.
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ISSUE: Maximizing the use of available federal affordable housing funds.
RECOMMENDATION: That City Council, as a backup contingency plan to the recently approved loan of $1.078 million to the Wesley Housing Development Corporation for the renovation of the Lynhaven Apartments:
(1) Approve the transfer of $452,000 in federal HOME and matching funds from the Housing Opportunities Fund to the Alexandria Neighborhood Stabilization Program, and
(2) Authorize the City Manager, contingent upon the conditions described in this memorandum, to execute an amendment to an existing agreement with Rebuilding Together Alexandria (RTA) to provide an additional $452,000 in HOME and matching funds with the net proceeds to be returned to the Housing Opportunities Fund.
This transfer is being requested at this time as a backup plan to meet an upcoming HUD funding commitment deadline of September 30 under the federal HOME Program.
DISCUSSION: In February (Attachment), City Council allocated a total of $1 million ($500,000 in federal HOME funds and $500,000 in Community Development Block Grant (CDBG) funds) to RTA to continue the City's highly successful Neighborhood Stabilization Program (NSP), which utilized federal funds allocated through the Virginia Department of Housing and Community Development. Through this allocation, the City created the ANSP and RTA expanded its role in the program to include:
1. Acquiring and holding eligible properties in addition to completing the rehabilitat...
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