DISCLAIMER

 

07-0326R


RESOLUTION TRANSFERRING FUNDS IN THE AMOUNT OF $50,000 IN THE 2007 HUD HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME).

BY COUNCILOR STAUBER:

     RESOLVED, that the proper city officials are authorized to make the following transfer of funds in the Federal Fund 260-020-5434, Project CD07HM, 2007 HUD-funded HOME accounts as set forth below:

Activity

Project

Budget
amount

New
amount

Amount of
increase or
decrease

GN07-1734

Substantial rehabilitation program HRA/NCLT

$170,000

$222,000

$50,000

CH07-2271

City homes deconstruction/reconstruction

$250,000

$200,000

($50,000)

 


STATEMENT OF PURPOSE:  Northern Communities Land Trust (NCLT) has requested this transfer of funds due to current market conditions, along with the availability of units that can be rehabilitated and resold. The city homes program goal will be changed from two de-constructions/rebuilds with six new units, to only the six new construction units. Therefore, no units will be constructed on substandard lots. The substantial rehabilitation goal will be changed from seven units to nine units.