HomeMy WebLinkAboutResolution - 2010-R0158 - Approval Of Recommendation Of The Reallocation Of Funds From CDBG Block Grant - 04/08/2010Resolution No. 2010-RO158
April 8, 2010
Item No. 5.1.1
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock does hereby approve the
recommendations of the City of Lubbock Community Development and Service Board
(CDSB) for the reallocation of unspent funds from the Community Development Block
Grant (CDBG), and (CDBG) Revolving Loan. Said recommendations are attached hereto
and incorporated in this resolution as if fully set forth herein and shall be included in the
minutes of the City Council.
Passed by the City Council this April 8 _ , 2010.
Aa ---
TOM MARTIN, MAYOR
ATTEST:
Rebecca arza, City Secretary
APPROVED AS TO CONTENT:
Phyl ' Brown, Interim Director Community Development
APPROVED AS TO F
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gs res-COL-CDSery Board reallocation unspent funds
3 42010
Resolution No. 2010-R0158
Community Development and Services Board Recommendations
A Public Hearing to discuss and vote on reallocation of unspent federal funds was conducted by
the Community Development and Services Board on February 17, 2009 at 6:00 p.m. The
recommendations of the Community Development and Services Board (CDSB) for the
reallocation of unspent funds from the Community Development Block Grant (CDBG) are listed
on the table below.
The Board voted to approve the following funding recommendations.
Source Agency/Organization
CDBG City of Lubbock, CD
CDBG City of Lubbock, CD
CDBG Revolving Loan City of Lubbock, CD
Total CDBG
Proiect/Activity
Home Exterior Energy
Efficiency Loan Program
Miscellaneous Rehab Cost
Housing Rehab Loan
Home Exterior Energy Efficiency Loan Program (HEEELP)
Proposed FundinLy
City Council originally voted to allocate $153,653 to this project during the regular allocation
process for FY 2009-2010. The vote was held on June 23, 2009. The additional funds will be
used to leverage with the weatherization program to make the homes more energy efficient. The
addition of the $63,176 will bring the total amount of funding for the fiscal year to $216,829.
Miscellaneous Rehab Cost
The funds will be used to pay for credit reports, title searches, lead base paint cost, etc., for cases
that do no get approved for funding for various reasons. Funds are also for an escrow account to
pay for insurance and taxes on Housing Reconstruction Loans.
Housing Rehab Loan
The funds come from a CDBG Revolving Loan Program with the loans being serviced
in-house. This program was set up to continue to revolve funds for single family housing
rehabilitation loans. Loans will be made to eligible low -to -moderate income households located
in targeted areas to rehabilitate their homes. The loans are made at a Below Market Interest Rate
of three percent (3%) and the payments will revolve back into the Revolving Loan Program to
eventually be loaned out again.
$63,176
10,000
125,000
$198,176