Submitted By: James Haynes
presenter
Presentation By: Tammi Haslam
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Department: Community Development Services
STAFF RECOMMENDATION (Motion Ready):
title
Adopt Budget Resolution 2024-119 amending the Fiscal Year 2023-24 budget to accept and appropriate program income for the City of Ocala’s HOME Investment Partnership Program grant in the amount of $13,853
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OCALA’S RELEVANT STRATEGIC GOALS:
Operational Excellence, Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The City of Ocala is a participating jurisdiction with Marion County as a member of the Marion County HOME Consortium and receives an annual allocation of HOME Investment Partnership Program (HOME) funds to be used for creating and sustaining affordable housing units, assisting first time home buyers, and other eligible housing activities to assist low-to moderate income level households in the City of Ocala. The funds are governed by the U.S. Department of Housing and Urban Development guidelines including encumbrance and expenditure deadlines.
FINDINGS AND CONCLUSIONS:
On November 13, 2020, the City provided $19,925 to Margaret Schol through the City’s first-time home buyers program. The funds were provided from the City’s HOME Investment Partnership Program (HOME) grant. On November 17, 2020, the City recorded a 10-year deferred payment mortgage to ensure the affordability of the home. The City has received a check in the amount of $13,853.47 to pay off the remainder of the deferred mortgage as of November 30, 2023. If approved, the City will record and provide the homeowner with a release of lien indicating the satisfaction of the deferred mortgage. The received funds will be added to the HOME grant funding to assist low-income households with approved housing activities.
FISCAL IMPACT:
Source:
001-369-000-000-16-36943 Misc Program Income - Principal $13,853
Expense:
001-050-502-554-55-34010 Other Services $13,853
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A.
ALTERNATIVE:
Council may approve staff’s recommendation or provide further direction.
BUDGET RESOLUTION 2024-119
A RESOLUTION AMENDING THE FISCAL YEAR 2023-24 BUDGET TO ACCEPT AND APPROPRIATE PROGRAM INCOME FOR THE CITY OF OCALA’S HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) GRANT IN THE AMOUNT OF $13,853
WHEREAS, the City of Ocala is a participating jurisdiction with Marion County as a member of the Marion County HOME Consortium and receives an annual allocation of HOME Investment Partnership Program (HOME) funds to be used for creating and sustaining affordable housing units, assisting first time home buyers, and other eligible housing activities to assist low-to moderate income level households in the City of Ocala; and
WHEREAS, on November 13, 2020, the City provided $19,925 of HOME funding to Margaret Schol through the City’s first-time home buyers program; and
WHEREAS, on November 17, 2020, the City recorded a ten (10) year deferred payment mortgage to ensure the affordability of the home; and
WHEREAS, the City has received a check in the amount of $13,853.47 to pay off the remainder of the deferred mortgage as of November 30, 2023.
NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, duly assembled in regular session, that the Fiscal Year 2023-24 budget be amended as outlined below to appropriate $13,853 to carry out activities as outlined below.
Source:
001-369-000-000-16-36943 Misc Program Income - Principal $13,853
Use:
001-050-502-554-55-34010 Other Services $13,853
This resolution adopted this 19th day of December 2023.
ATTEST: CITY OF OCALA
By: By:
Angel B. Jacobs
City Clerk President, Ocala City Council
Approved as to form and legality:
By: _________________________________
William E. Sexton
City Attorney
Reviewed for accounting accuracy & completeness:
By: _________________________________
Peter A. Lee
City Manager