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The Investment
Committee met on October 22, 2013 to review FY 2014 Community Development
Block Grant fund applications. The attached form shows the applicants,
amount requested, and the recommended funding allocations.
These recommendations
are based on an estimated amount of Entitlement dollars ($450,000) to be
received from HUD for FY 2014 and local program income ($4,000). Funding
requests total $1,145,550. Federal regulations allow the City to use up to a
maximum of 15% ($82.945) of the entitlement amount plus program income for
Public Services and up to 20% ($90,800) for Program Administration and
Planning. The remaining funds may be used for housing, economic development
and public facilities and infrastructure.
There is no guarantee
of funding or the amount to be received. However, the City must file a plan
with HUD by February 15, 2014 using estimated amounts, which will be adjusted
accordingly once the actual amount available is determined by Congress.
There will be a 30 day
public comment period for Agencies and Rapid City residents to comment on the
proposed allocation of funds and all comments will be presented to the
Council for review prior to final approval of the FY 2014 Annual Action Plan.
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