120891
2
RESOLUTION NO. 12,089
3 A RESOLUTION TO AMEND THE 2005 ANNUAL ACTION
4 PLAN FOR CDBG, HOME AND ESG FUNDS WHICH WAS
5 APPROVED BY THE BOARD OF DIRECTORS IN RESOLUTION
6 NO. 11,859, (NOVEMBER 1, 2004), TO INCLUDE PROVISION
7 FOR THE USE OF PROGRAM INCOME GENERATED BY CDBG
8 AND HOME INVESTMENT PARTNERSHIP PROGRAM-
9 FUNDED ACTIVITIES; TO AUTHORIZE THE CITY MANAGER
10 TO SUBMIT THE AMENDMENT TO THE ACTION PLAN FOR
11 CONSIDERATION BY THE U.S. DEPARTMENT OF HOUSING
12 & URBAN DEVELOPMENT;AND FOR OTHER PURPOSES.
13
14 WHEREAS, the Board of Directors approved the 2005 Annual Action Plan and
15 authorized the City Manager to submit the proposed Plan to the U.S. Department of
16 Housing and Urban Development in Resolution No. 11,859, adopted on November 1,
17 2004, and
18 WHEREAS, the City is expected to receive approximately $400,000.00 in
19 program income generated by grant activities funded under the 2005 Annual Plan, and
20 WHEREAS, the proposed amendment to set out the specific uses of the program
21 income anticipated has been reviewed and approved by the Consolidated Planning
22 Committee and two public hearings held, giving the public an opportunity to review
23 and comment on the proposed amendment;
24 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
25 THE CITY OF LITTLE ROCK, ARKANSAS:
[PAGE 1 OF 21
Resolution
To approve Amendment to 2005 Annual Action Plan
1 Section 1. The City Manager is authorized to submit the amendment to the 2005
2 Action Plan for the use of CDBG, HOME and ESG Entitlement Funds, to include
3 provision for the use of program income generated by CDBG and HOME Investment
4 Partnership Program- funded activities, to the U.S. Department of Housing & Urban
5 Development
6 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
7 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
8 unconstitutional, such declaration or adjudication shall not affect the remaining
9 portions of the resolution which shall remain in full force and effect as if the portion so
10 declared or adjudged invalid or unconstitutional was not originally a part of the
11 resolution.
12 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that
13 are inconsistent with the provisions of this resolution, are hereby repealed to the extent
14 of such inconsistency.
15 ADOPTED: September 6, 2005
16
17 ATTEST:
18
19
20 Nan Wood City Clerk
21
22 APPROVED AS TO LEGAL FORM:
23
24''�
25 Thomas M. Carpenter, CU Attorney
26 H
27 H
28 H
[PAGE 2 OF 21
Resolution
To approve Amendment to 2005 Annual Action Plan
APPROVED:
N
Jim iley, Mayor
City of Little Rock
2005 Annual Action Plan
Proposed Amendment
Purpose: To outline the process for use of program income generated by the
Community Development Block Grant (CDBG) and HOME Investment Partnership
Program funds expended for activities proposed as part of the 2005 Annual Plan.
The 2005 Annual Plan included Proposed Uses of Funds (Budgets) for the sources and
uses of funds received under the CDBG and HOME Programs. This amendment is to set
out the specific uses of the program income anticipated.
CDBG Program Income
Program income is generated by activities funded through the Community Development
Block Grant (CDBG) Program. Sources of program income include proceeds from the
sale of houses produced through the Save -A -Home program, repayment of owner -
occupied rehabilitation loans, and miscellaneous income such as bank interest. It is
estimated that approximately $100,000 in program income will be received during the
2005 Program Year. The program income will be tracked by source, and expended for
eligible expenditures for the program by which it was generated. In the case of program
income generated by non - project specific activities (i.e. bank interest), the program
income will be expended on the first eligible expense prior to additional program funds
being drawn from the City's Letter of Credit.
HOME Program Income
Program income is generated by activities funded through the HOME Investment
Partnership Program (HOME). Sources of program income include proceeds from the
sale of houses produced through the Save -A -Home program, the New Construction
program, repayment of owner - occupied rehabilitation loans, repayment on investor
development loans, and miscellaneous income such as bank interest. It is estimated that
approximately $300,000 in program income will be received during the 2005 Program
Year. The program income will be tracked by source, and expended for eligible
expenditures for the program by which it was generated. In the case of program income
generated by non - project specific activities (i.e. bank interest), the program income will
be expended on the first eligible expense prior to additional program funds being drawn
from the City's Letter of Credit.
Actual amount of Program Income received from all sources is estimated and may vary
from those estimated. Actual receipt and expenditures will be reported to the U.S.
Department of Housing and Urban Development in the 2005 Consolidated Annual
Performance Report (CAPER) submitted within ninety (90) days after the end of the
Program Year. The report is made available to the public for review and comment for
fifteen (15) days prior to submission to HUD.