REPORT TO THE CITY COUNCIL
July 31, 2014
FROM: JENNIFER CLARK, Director
Development and Resource Management Department
BY: CRYSTAL SMITH, Management Analyst III
Development and Resource Management / CDBG Section
SUBJECT
Title
* RESOLUTION - 4th amendment to Annual Appropriations Resolution No. 2014-95 appropriating $330,400 of Neighborhood Stabilization Program funds for development agreements previously approved by Council (Requires 5 affirmative votes)
Body
RECOMMENDATION
Adopt the 4th Amendment to AAR No. 2014-95 approving the appropriation of $330,400 of Neighborhood Stabilization Program 1 (NSP1) funds for projects previously approved by the City Council.
EXECUTIVE SUMMARY
On November 29, 2012, Council adopted a substantial amendment to the Annual Action Plan approving development agreements with Fresno Housing Authority and TFS Investments to carry out acquisition, rehabilitation, and leasing activities. The agenda item also approved the use of NSP1 revenue to complete the projects.
This agenda item seeks spending authority for $330,400 of revenue drawn at the end of the prior fiscal year for reimbursement of eligible program costs but not included in the carryover. These activities and associated reimbursement need to be appropriated at this time to complete the activities. These are not new funds for purposes of new development projects. Both programs are near construction completion and staff seeks to close out the program and make the final payment to the NSP3 development partners, as previously approved by Council.
BACKGROUND
The Neighborhood Stabilization Program (NSP) provides funding from the U.S. Department of Housing and Urban Development (HUD) to assist jurisdictions with addressing the impact the national foreclosure crisis had on local neighborhoods. The City of Fresno is the recipient of $10.969 million of NSP1 funds and $3.547 million of NSP3 funds, as authorized under the Housing and ...
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