Submitted By: James Haynes
presenter
Presentation By: James Haynes
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Department: Community Development Services
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FORMAL TITLE:
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Budget Resolution 2026-168 to amend the Fiscal Year 2025-2026 budget to accept and appropriate program income for the City of Ocala’s State Housing Initiative Program grant in the amount of $1,256
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable, Operational Excellence
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PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On June 3, 2015, the Revitalization Strategies Division, now known as Community Programs, finalized a rebuild contract and a deferred mortgage with Cassandra Thornton, a low-income household, whose real property is located at 916 NW Fourth Street., Ocala, Florida. The project was completed using funding from the State Housing Initiative Program (SHIP) grant and the Community Development Block Grant (CDBG). The amount of the deferred mortgage was $50,271.82.
FINDINGS AND CONCLUSIONS:
The City, as the mortgage holder, agreed to forgive $25,135.91, while the homeowner agreed to pay $25,135.91 over 20 years. Those payments were to be received by the City as program income and reinvested in the City’s housing program to assist other citizens. The Fiscal Year 2025-26 payments total $1,256. This budget resolution will allocate that amount to the Fiscal Year 2025-26 housing activities budget.
Staff recommends approval.
FISCAL IMPACT:
Source:
140-369-000-000-16-36943 Misc-Program Income-Principal $1,256
Use:
140-050-699-559-55-83010 Other Grants & Aids $1,256
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
Approve with Changes
Table
Deny
BUDGET RESOLUTION 2026-168
A RESOLUTION TO AMEND THE FISCAL YEAR 2025-26 BUDGET TO ACCEPT AND APPROPRIATE PROGRAM INCOME FOR THE CITY OF OCALA’S STATE HOUSING INITIATIVE PROGRAM GRANT IN THE AMOUNT OF $1,256
WHEREAS, the City of Ocala receives an annual allotment of State Housing Initiative Program funding to further the access to affordabl...
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