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Finance committee moves year-end CDBG and HOME account adjustments to council; Habitat, YMCA items noted
Summary
Officials told the committee the adjustments are routine year-end reconciliations in HUD’s IDIS system and include reallocation from closed projects into housing rehab loans and affordable housing lines; the YMCA returned about $18,000 and Habitat projects were funded from other sources.
The Finance Committee recommended placing legislation on the May 6 council agenda to approve several year-end budget adjustments in the Community Development Block Grant (CDBG) and HOME accounts.
Administration staff described the adjustments as routine reconciliations with the U.S. Department of Housing and Urban Development (HUD) IDIS system that move residual funds from closed projects into active accounts such as housing-rehab loans programs and affordable-housing pools. Staff said the YMCA project ended with roughly $18,000 in unspent funds that were reallocated, and that Habitat for Humanity pursued other funding sources for some projects on an independent timeline.
Officials said the affordable-housing HOME lines are “buckets” used to respond to rolling applications; one active application referenced at the meeting was the Gateway on Fourth project, which will undergo underwriting before a funding decision. Administration staff said future grants is a standing line to house funds for projects that arise during the year.
Committee members asked about specific line-item uses and were told staff would answer underwriting and project-level questions during the normal project-review process.
The committee unanimously recommended placing the CDBG/HOME adjustments on the May 6 council agenda.
