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Meeting Date: 4/1/2015
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Commission, Board
or Committee: Click here to enter date.
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Staff Contact: Barbara Garcia
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PW Committee or L&F
Committee: L&F
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Petitioner: Click here to enter text.
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City Council 1st
Reading: Click here to enter date.
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Location: Community Development
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City Council 2nd
Reading: Click here to enter date.
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Agenda Title:
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Request Council
Approval for Reallocation of $70,000 in Community Development Block Grant
(CDBG) Unspent FY2012 and FY2014 Entitlement Funds to the Neighborhood Restoration
Loan Program.
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Summary:
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CDBG Entitlement Funds
have not been allocated to the Neighborhood Restoration Loan Program for 4 years
as there was a large program income balance from loan payoffs to use. The
program income balance is currently about $10,000 in unencumbered funds
(enough to do 1-2 projects). Habitat for Humanity, Dakota Home Resources and
Western SD Community Action, Code Enforcement, and the Rapid City Police
Department, will be partnering on a neighborhood revitalization initiative
for the Garfield School area this year. The Neighborhood Restoration Loan
program would be able to play a key role in that revitalization project with
greater leveraging of public/private dollars if we had more funding, since we
are able to assist the lowest income households with our 0% loan program.
Investment Committee
met on March 10, 2015 and approved the recommendation to allocate $70,000
from unspent funds from FY 2012 and FY 2014 to the Neighborhood Restoration
Loan Program.
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Funding Source
& Fiscal Impact (if applicable):
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Community Development
Block Grant Entitlement Funds from FY2012 and FY2014 in amount of $70,000.
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Recommendation:
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Action: Choose an item.
Approve
Notes: Request for Reallocation
of $70,000 in Community Development Block Grant (CDBG) Unspent FY2012 and
FY2014 Entitlement Funds to the Neighborhood Restoration Loan Program.
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Options:
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Attachments &
Links:
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