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Budget Sources <br /> 2008 CDBG Entitlement $919,821.00 <br /> 2003-2008 HOME funds $2,203,847.00 <br /> CHIP Fund 197 Funds $157,535.70 <br /> 2008 Housing Trust 2060 Funds $251,120.17 <br /> Real locations <br /> 2007 Bridgeways (CDBG) $76,000.00 <br /> 2003 Homesite (HOME) $91,229.00 <br /> Total Budget Sources $3,699,552.87 <br /> 2. If the Department of Housing and Urban Development reduces this allocation, then each <br /> item will be reduced an equal percentage, including the Community Housing Improvement <br /> Program and Community Development Block Grant Administration. If a reduction is large <br /> enough to cause a burden, as determined by the staff, then a new budget will be returned to <br /> the City Council for their review and approval. <br /> 3. The Mayor is hereby authorized to make formal application to the U.S. Department of <br /> Housing and Urban Development for funding assistance in accordance with this Resolution <br /> and the requirements of such application. <br /> 4. This Resolution will become part of the formal application to the U.S. Department of <br /> Housing and Urban Development. <br /> 5.. All payments and income from the Housing Rehabilitation Program (Fund 197)will be <br /> used for CHIP housing rehabilitation purposes other than described in this resolution. This <br /> is estimated at $600,000.00 for 2008. <br /> 6. All payments and income from the HomeSite down payment assistance program will be <br /> used for down payment assistance. This is estimated at$30,000.00 for 2008. <br /> 7. HomeSite is given six months from the date of this resolution to show an improvement in <br /> their spending rate and performance. If there is not an improvement, as determined by the <br /> staff, then another way to spend the funds will be found and developed for City Council <br /> approval other than described below. <br /> 8. HomeSite HOME 2003 funding of$91,229.00 which has been returned is being reallocated <br /> to be used for the ARTSPACE project. <br /> 9. Housing and capital projects funded with Community Development Block Grant, HOME, <br /> and Housing Trust(2060) funds (ARTSPACE, Boys& Girls Club projects, Children's <br /> Village Foundation, Compass Health, Interfaith Association shelter improvements, <br /> Washington Home of Your Own and the Everett Housing Authority) will be loans with <br /> terms and conditions brought back in contract form for City Council approval. This does <br /> not include loans approved by the Community Housing Improvement Program Loan <br />