Submitted By: James Haynes
presenter
Presentation By: James Haynes
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Department: Community Development Services
FORMAL TITLE:
title
Budget Resolution 2026-120 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 $1,152
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
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 St., 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 rehabilitation program to assist other citizens. The Fiscal Year 2024-25 payments total $1,152. This budget resolution will allocate that amount to the Fiscal Year 2025-26 budget for housing rehabilitation. Staff recommends approval.
FISCAL IMPACT:
Source:
140-369-000-000-16-36943 $1,152
Use:
140-050-699-559-55-34010 $1,152
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
* Approve with Changes
* Table
* Deny
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BUDGET RESOLUTION 2026-120
A RESOLUTION TO AMEND THE FISCAL YEAR 2025-26 BUDGET TO ACCEPT AND APPROPRIATE PROGRAM INCOME FOR THE CITY OF OCALA'S STATE HOUSING INIATIVE PROGRAM GRANT IN THE AMOUNT OF $1,152
WHEREAS, the City of Ocala receives an annual allotment of State Housing Initiative Program funding to further the access to affordable housing, retain affordable housing stock, and assi...
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