Minutes 11/28/2006 - Laserfiche WebLink

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November 28. 2006 Next Steps Following Council Action: . Pending adoption, the Office of Management Services will ensure the funds are budgeted and utilized in FY07 and FY08 to eliminate lead as a health hazard for 13 properties. Motion by Ms. Randall, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ACCEPTING A GRANT IN THE AMOUNT OF $272,680 FROM THE VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT AND APPROPRIATING SAID AMOUNT IN THE FY 2006-2007 GRANTS FUND BUDGET FOR LEAD-BASED PAINT HAZARD REDUCTION IN CITY RESIDENCES." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 06 - 542 - Adoption of an ordinance appropriating in the 2006-2007 Community Planning and Development Program Fund Budget the sum of $100,000 in excess HOME program income received in FY 2006 to be used for the Down Payment and Closing Cost Assistance Program administered by the Portsmouth Redevelopment and Housing Authority. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . The mission of PRHA is to enhance the quality of life for the citizens of Portsmouth through resource acquisition, asset management, and the pursuit of innovative opportunities. The objectives of PRHA and the City's affordable homeownership policy work hand-in-hand with the HOME Program's primary objectives of providing decent, affordable housing to low-income households, and strengthening the ability of the state and local governments to provide homeownership. . The Down Payment and Closing Cost Program provides financial assistance to families at or below 80% of the area median income. The goal of this program is to increase homeownership rates among lower income and minority households and to revitalize and stabilize the communities within the City. The Down Payment and Closing Cost Program will assist first-time homebuyers with the biggest hurdle to homeownership - down payment and closing cost. Discussion: . In FY 2007, the Down Payment and Closing Cost Program has assisted approximately 33 first-time homebuyers and 14 families are waiting to receive assistance. . Twelve families will have new homes that give them safe, decent and affordable places to live and the pride of homeownership. Financial Impact: . There is no financial cost to the City. These funds will assist approximately twelve additional first-time homebuyers to obtain down payment and closing cost assistance through the HOME Program. The assistance from this program is provided in the form of a loan. It is a direct subsidy used by the homebuyer to purchase a home within the City of Portsmouth. The program provides each qualified homebuyer up to $8,000 of assistance. Staff Recommends: Adoption of proposed ordinance. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . Pending adoption, the sub recipient agreement between the City and PRHA will be amended to include the additional funding for down payment and closing cost assistance.