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• <br /> 1 <br /> 2016 funds cannot be committed to specific homeowner loans by July 2018, the program regulations <br /> require them to be committed to another affordable housing activity by that date. <br /> HUD issued new rules regarding commitment and expenditure deadlines for HOME funds in 2015. Fund <br /> balances from projects that were not initiated or could not spend down the entire amount awarded <br /> have gradually been reallocated to other projects through this process. This year, all proposed <br /> reallocations should address any remaining Pre-2015 HOME funds as the final commitment dated (date <br /> the award has to be under contract) is 7/31/2017. Any remaining funds that have not been committed r <br /> must be returned to HUD. An alternate funding reallocation is also proposed in the event an affordable <br /> housing project cannot meet the commitment deadline. I <br /> The City of Everett is proposing a substantial amendment to the 2011, 2013, 2014 and 2015 <br /> Snohomish County Annual Action Plans to reallocate Everett HOME set-aside funds from other projects <br /> This is necessary for a variety of reasons as described above, most notably HUD's regulations regarding <br /> when HOME funds must be committed.The City stands to lose the funding back to the federal <br /> government. The recommended funding resolution reflects these proposed amendments. . <br /> 1 <br /> 1 <br /> AMENDMENT NO. 1 1. <br /> Year of Funding: 2011, 2013, 2014 (Pre-2015) <br /> Original Project: Tenant Based Rental Assistance- Housing First Scattered Site—YWCA <br /> Amount: $208,000.00 <br /> New Proposed Project: NOFA with RFP out 4/10/2017—committee recommendation 5/4/2017 <br /> Commitment Deadline: July 31, 2017 _ <br /> HUD Expenditure Deadline: 7/31/2019 <br /> Explanation: In 2016, this project was funded with reallocation of Pre-2015 unspent HOME Funds in <br /> the amount of$630,729.10 to support the City's Housing First Scattered Site Program for chronically <br /> homeless individuals included on the CHART(CHronic-Utilizer Alternative Response Team) list.The <br /> original goal was to house 20 people, however the program has been moderately successful due to the r <br /> low rental vacancy rate in the region, including here in Everett, leaving few units available in general <br /> and more difficult for potential tenants with rent subsidies and/or other social challenges to gaining <br /> tenancy. It is anticipated that not all of the TBRA funds will be spent within the HUD expenditure <br /> deadline and therefore, a reallocation of a portion of the funds is proposed in order to ensure the i <br /> money is used for some other project in the community.These HOME funds are combined in the I <br /> Notice of Funding Availability(NOFA)with proposed Amendment No. 2. i <br /> AMENDMENT NO. 2 <br /> : <br /> Year of Funding: 2015 <br /> Original Project: Everett Rental Housing Project <br /> Amount: $292,537.00 <br /> New Proposed Project: NOFA with RFP out 4/10/2017—committee recommendation 5/4/2017 f <br /> Commitment Deadline: July 31, 2017 <br /> HUD Expenditure Deadline: 7/31/2019 <br /> Explanation: In 2015,the City Council approved a City HOME fund allocation to a broadly defined ft <br /> E <br /> Everett Rental Housing Project.This proposal was in response and anticipation of addressing <br /> recommendations from the Community Streets Initiative Task Force.These funds must now be <br /> reallocated to a specific project through a competitive process because of federal funding regulations. <br /> A Request for Proposals was issued 4/10/2017 to solicit applications that can meet the commitment <br /> and spending deadlines for a qualifying affordable housing project. <br /> 1 <br /> 11 <br />