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<br />RESOLUTION Page 3 of 4 <br /> <br />4. Revenue to be received: <br />FUNDING SOURCE FUNDING LEVEL <br />2026 CDBG Entitlement Funds $850,000.00 <br />2026 HOME Program Entitlement Funds $300,000.00 <br />2026 2060 Affordable Housing Trust Funds (AHTF) $116,398.89 <br />Prior Program Year (2023 & 2025) 2060 AHTF Funds & Interest $83,601.11 <br />TOTAL $1,350,000.00 <br /> <br />5. For the purposes of the resolution, projects approved to receive funding under this <br />resolution are referred to as “Approved Projects.” Persons approved to receive funding <br />under this resolution for the Approved Projects are referred to as “Approved Providers.” <br /> <br />6. The City Council approves the CDAC recommendation of evenly adjusting all Approved <br />Projects’ funding amounts based on the difference between the estimated and final <br />award for CDBG and HOME funds. If the final award difference is greater than $250,000 <br />the Committee will reconvene to provide an updated funding recommendation . <br /> <br />7. To facilitate timely spending of federal funds in accordance with the City’s agreement <br />with HUD, pursuant to allocation thresholds for CDBG funds, the City Council approves <br />the recommended CDAC contingency project list for additional fund distribution in <br />priority order if funds become available during the 2026 program year. Accordingly, the <br />following contingency projects would receive an increase in funding with no more than <br />$250,000 being reallocated from each funding source for all contingency projects <br />combined. Additional allocations above the $250,000 threshold would require a CDAC <br />public hearing. <br /> <br />Contingency Project List for CDBG Funds (in priority order): <br />1. Volunteers of America Western Washington: Food Pantry program <br />2. City of Everett: Community Housing Improvement Program (CHIP) <br />3. Stations Unidos: Community Development Corporation (CDC) <br /> <br />Contingency Project List for HOME Funds (in priority order): <br />1. Housing Hope: EUCC Rainbow Terrace <br /> <br />8. The Mayor and the Mayor’s designee(s) are hereby authorized to make application to <br />the U.S. Department of Housing and Urban Development (and, as necessary to the State <br />of Washington, Snohomish County or any other governmental entity) for funding