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4. Revenue to be received: <br /> Funding Source Funding Level <br /> Community Development Block Grant (CDBG) $907,957.00 <br /> HOME Funds $406,562.00 <br /> 2060 Affordable Housing Trust Funds $152,121.00 <br /> $1,466,640.00 <br /> 5. The Mayor is hereby authorized to make formal application to the U.S. Department of Housing <br /> and Urban Development for funding assistance in accordance with this Resolution and the <br /> requirements of such application. <br /> 6. This Resolution will become part of the formal application to the U.S. Department of Housing <br /> and Urban Development and to the State of Washington. <br /> 7. All payments and income from the Housing Rehabilitation Program (Fund 197) revolving loan <br /> fund will be used for CHIP housing rehabilitation and administrative purposes. This isestimated <br /> at$300,000.00 for 2020. <br /> 8. Housing and capital projects funded with Community Development Block Grant, HOME,and <br /> Housing Trust (2060) funds will be loans with terms and conditions brought back in contract <br /> form for City Council approval unless there is other direction given in this resolution. This does <br /> not include loans approved by the Community Housing Improvement Program Loan Review <br /> Committee. The loans for the housing projects will be paid back to the City of Everett. For <br /> rehabilitation projects using Rental Rehabilitation funds there is a minimum of a 50/50 match <br /> for these funds now and in the future. <br /> 9. For the following programs/projects: Interfaith operations, Cocoon House operations, Domestic <br /> Violence Services operations, Minor Home Repair, tenant based rental assistance, and all Public <br /> Service funding approved in this resolution, the Mayor is authorized to execute the contracts <br /> and necessary documents to implement the approved projects. <br /> 10. The required application forms and information are to be sent to the U.S. Department of <br /> Housing and Urban Development to complete all application requirements and the Mayor is <br /> authorized to sign and provide the needed documents. <br /> 11. The 2020 Annual Action Plan and the 2020 to 2024 Consolidated Plan is hereby approved to be <br /> submitted to the U.S. Department of Housing and Urban Development and to complete all <br /> application submittal requirements. <br /> 12. Up to $300,000.00 in CHIP CDBG loan funds (Fund 197) may be used for downtown building <br /> improvements through a loan program with the same loan rates and terms of owner occupied <br /> CHIP loans. <br /> gm RESOLUTION Page 3 of 4 <br />