City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 14, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER
DOCKET TITLE:
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Public Hearing and Consideration of Program Amendment and Budget Transfers to Allocate $500,000 In Home Investment Partnerships Program (HOME) and $500,000 In Community Development Block Grant (CDBG) Monies to Rebuilding Together Alexandria to establish an Alexandria Neighborhood Stabilization Program
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ISSUE: Consideration of the allocation of $500,000 in Home Investment Partnership (HOME) Program funds and $500,000 in Community Development Block Grant (CDBG) Program funds to Rebuilding Together Alexandria to support continuation of the Neighborhood Stabilization Program (NSP).
RECOMMENDATION: That City Council:
(1) Hold a public hearing, and if City Council is ready to act following the public hearing:
(2) Approve budget transfers from the following sources to establish a HOME and CDBG-funded Neighborhood Stabilization Program from the following federal funding sources:
Housing Opportunities Fund (HOME) $500,000
Home Rehabilitation Loan Program (CDBG) $500,000
Total $1,000,000
(3) Authorize the City Manager to execute an agreement with Rebuilding Together Alexandria to continue the Neighborhood Stabilization Program with $500,000 in HOME funds for a revolving funding pool for NSP acquisitions, and $500,000 in CDBG funds to also be used for NSP acquisitions but with all sales proceeds repaid to the City upon sales of the acquired homes.
(4) Approve the attached program amendment (Attachment I) for submission to the U.S. Department of Housing and Urban Development (HUD).
CDBG funds to be allocated to this activity are available as a result of a combination of unanticipated program income generated from repayments of prior loans and, while activity in the Home Rehabilitation Loa...
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