Resolution 7118 - Laserfiche WebLink

alternate funding reallocation is also proposed in the event an affordable housing project cannot meet the commitment deadline. The City of Everett is proposing a substantial amendment to the 2011, 2013, 2014 and 2015 Snohomish County Annual Action Plans to reallocate Everett HOME set-aside funds from other projects This is necessary for a variety of reasons as described above, most notably HUD's regulations regarding when HOME funds must be committed. The City stands to lose the funding back to the federal government. The recommended funding resolution reflects these proposed amendments. AMENDMENT NO. 1 Year of Funding: i 2011, 2013, 2014 (Pre-2015) Original Project: Tenant Based Rental Assistance - Housing First Scattered Site—YWCA Amount: $208,000.00 New Proposed Project: NOFA with RFP out 4/10/2017 —committee recommendation 5/4/2017 Commitment Deadline: July 31, 2017 HUD Expenditure Deadline: 7/31/2019 Explanation: In 2016, this project was funded with reallocation of Pre-2015 unspent HOME Funds in the amount of$630,729.10 to support the City's Housing First Scattered Site Program for chronically homeless individuals included on the CHART(CHronic-Utilizer Alternative Response Team) list. The original goal was to house 20 people, however the program has been moderately successful due to the low rental vacancy rate in the region, including here in Everett, leaving few units available in general and more difficult for potential tenants with rent subsidies and/or other social challenges to gaining tenancy. It is anticipated that not all of the TBRA funds will be spent within the HUD expenditure deadline and therefore, a reallocation of a portion of the funds is proposed in order to ensure the money is used for some other project in the community. These HOME funds are combined in the Notice of Funding Availability (NOFA) with proposed Amendment No. 2. AMENDMENT NO. 2 Year of Funding: 2015 Original Project: Everett Rental Housing Project Amount: $292,537.00 New Proposed Project: NOFA with RFP out 4/10/2017 —committee recommendation 5/4/2017 Commitment Deadline: July 31, 2017 HUD Expenditure Deadline: 17/31/2019 Explanation: In 2015, the City Council approved a City HOME fund allocation to a broadly defined Everett Rental Housing Project. This proposal was in response and anticipation of addressing recommendations from the Community Streets Initiative Task Force. These funds must now be reallocated to a specific project through a competitive process because of federal funding regulations. A Request for Proposals was issued 4/10/2017 to solicit applications that can meet the commitment and spending deadlines for a qualifying affordable housing project.