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9A • A Statement of Community Development Objec#ives and Proposed Use of Funds was age 2 published for 15 day citizen comment on April 20, 20�7 and prior to forwarding the documents to Council for approval. • The HHCC approved a fina[Action Plan April 24, 2007. • The City must submit#he third Annual Action Plan#o HUD no la#er than May 15, 2007. Consolidated Plan The Consolidated Plan is a federal prerequisite for receiving various sources of e�ititlenent fun�ing„��t�e U.S. De�artmert cf l��us�^y an� Uruan �evelopr;�s�#. The term af the City's Consolidated Plan is the periad from July 1, 2005 to June 30, 2010. The Plan is macie up of three components: (1) Market& Needs Analysis, {2) Five Year Strategic P(an, and {3) a One-Year Action Plan. The Consolidated Plan identifies priorities the City adopted to use over the five years to meet affordable housing goals and #a improve the quality of life for residents who are law income and have special needs. These priorities target federal funds for public facilities and improvements, affordable hausing, and social and economic development programs. Please see Performance Cutcor�es-� YEar Cc��s��uated Plan Goa[s ��;:ac"^z�^t 2;. The Third Annuai Action Plan (Attachment 3) identifies activities to be funded during FY 2007/Q8 #o address priorities adopted by Councif. These activities further advance the goals of the Consoiidated Plan, including reducing the number of peopie living below the poverty fevel. The Action Plan is comprised of an Executive Summary which identifies all sources of funding, specific activities recommended for funding, and ceriain required narrative regarding the location of activities to be funded. The Annual Actian Plan is made up of funding recommendations made by the Housing and Human Concems Committee firom Community Development Block Grant funds, HOME Investment Partnership funds, Human Services Financial Assistance funds, and a proposed reprogramming of prior year funds. The Committee recommended that HOME funds be allocated according ta the statute that a!!Q�NS '4n°�� nf tha a�t�tlQmPnt t� �g r�S�t'�l�C! faf administration, 15% to be set-a-side for use by a Community Housing Development Organization (CHDO),and the remaining 75% #o be allocated to affordable housing activities. The Human Service Financial Assistance (HSFA} recommendations will be brought to you in a separate report tonight for your inforrnation as part of the City's upcoming budget review process. Other Funds 1. General Funds: Council has autharized the HHCC to recommend an aliocation of $80,000 per year to Shelter Network for #he Redwood Family House transitional housing facility. This budget amount may be a combination of CDBG funds and/or General funds. The Committee is recommending$35,OQ0 from CDBG and$45,000 from the General Fund for 2007/08 through HSFA funding. 2. Reprogramming of f�rior Year Funcis: The Ci#y is required by HUD to meet a Timely Expenditure schedule that mandates that the City can have no more than 1.5 times its annual entitlement as of May 1 each year. In 2000, the Council adopted a Timely Expenditure Plan that would al(ow prajects that were "ready to go" to be allocated the oldest money in orderto cansistently meetthi� requirementwithout(osing any entitlement funding. The committee has recommended that$127,370 of unexpended funds from FY 06/07 be a(located to future site acquisition. I:REDEVELOPMENT/2006 STAFF REPORTS/04-2006/Action Plan Adoption 2