Agenda Item Title:
Approve FY 2016 & 2017 Community Development Block Grant (CDBG) Contingency Funds Reallocation Recommendations
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Agenda Item Summary:
Attached are the Investment Committee’s recommendations for funding, based on the remaining CDBG funds from 2016 and 2017 contingency funds. These funds should be used for ready to projects to help meet HUD’s spend down ratio requirements.
Funding Source & Fiscal Impact (if applicable):
|Current CDBG funds on hand|
Origination Recommendation Action:
Origination Recommendation Notes:
Regarding FY 2017 contingency funds staff requests Council to Approve preliminary funding recommendation with direction for the Investment Committee to make adjustments to the allocations, not exceeding 25% of the total allocation (Minor Amendment to Plan). If the adjustments necessary total less than 25% of the total estimated Entitlement, no further public comment period is required. If actual Entitlement amount exceeds the estimate used here, recommendations will be brought back to Council for final approval.