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Soledad council leans toward hybrid split for $500,000 in CDBG program income
Summary
After debate, council signaled direction to staff to seek state approval to designate up to $500,000 in CDBG program income across small-business loans, community center repairs and a new homebuyer assistance program — with a recommended split of $100,000 for business loans, $150,000 for emergency community-center HVAC work and $250,000 to start a homebuyer assistance program.
Tanya Vargas, economic development coordinator, and Beatriz Rubio presented options for allocating approximately $500,000 in Community Development Block Grant (CDBG) program income. Vargas explained that program income results from repayments on prior CDBG loans and must be allocated to eligible activities under federal rules; staff outlined four options: (1) amend the active business assistance loan agreement to use program income there; (2) submit a program-income-only application to fund a homebuyer assistance program; (3) fund public-facility improvements…
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