3A Public Hearing 2009 0420 - Laserfiche WebLink

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FY 2009-10 Consolidated Action Plan & 2 Apri120, 2009 HUD Section 108 Loan Application Proposed Changes to the Draft FY 2009-1 D Annual Action Plan The following are the proposed changes to the first draft of the FY 2009-10 Annual Action Plan: 1. The City received notice of revised HOME final allocations from HUD on March 26, 2009, after the Council approved the draft Plan on March 16, 2009. Therefore, the following grant numbers were revised accordingly on Table 1: FY 2009-10 HUD Annual Action Plan: CDBG and HOME Funds (page 10 of the Plan): a. HOME grant is revised from $262,724 to $294,019. i. HOME administration funds is changed from $15,794 to $16,626. ii. HOME funds available for project expenditures is changed from $675,789 to $706,252. 2. The City also received an updated narrative of the Everyone Home Plan. Everyone Home Executive Director Elaine DeColigny described the plan's progress on its last year's objectives as well as its goals for FY09-10. HUD Section 108 Loan Guarantee Program Application for the Senior Center The City is preparing to submit its HUD Section 108 Loan Guarantee Program Application for $2.5 million, which is needed to complete the construction of the City's new senior center in FY 09-10. The City will pledge future CDBG funds to repay the $2.5 million loan over 20 years. City staff estimates that the annual average loan repayment (principal plus interest) will be $173,500 with the interest payments declining over time as the principal balance is paid down. The first drafts of the FY 2009-10 Annual Action Plan and of the Section 108 Loan Application were presented to the City Council at a public hearing on March 16, 2009. The Council directed staff to make the Plan and the Application available for public comment fora 30-day period from March 20 through April 20, 2009. The drafts of the Plan and of the Application were available for public review at City Hall (City Clerk's Office and Community Development Department), the Main Library and the City's website. To date, no public comment has been received for either draft. Current City Council Policy Current Council Policy is defined by the FY 2005-09 Consolidated Plan, adopted by Resolution No. 2005-046 on April 18, 2005. In addition, the Consolidated Plan conforms to the City's Housing Strategy, which the Council approved in Spring of 2004 and addresses the affordable housing goals of the Consolidated Plan. Previous City Council Action(s) A public hearing was held on March 16, 2009, to consider the proposed FY 2009-10 Annual Action Plan and the proposed HUD Section 108 Loan Application, solicit public comments, approve the 30-day public comment period for the Plan and for the