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9A <br /> 3. Program Income: The Annual Action Plan aiso estimates that $400,00p Page 3 <br /> (includes $100,000 allocated through CDBG)will be received from Program income from <br /> principal and interest payments earned from home improvement loans. Income earned <br /> fram the Home {mprovement Loan Program is dedicated back to the Home Improvement <br /> Loan program io support new (aans. A portion of these funds will be used to support stafF <br /> a�� mark�ting costs ($50,00�} a��� t"e remair��; vv;l� be used to make new {vans <br /> �$Z�o,00a}. <br /> ALTERNATlVES <br /> Do not approve #he FY 07/08 Action Plan and do not receive the new entitlement of <br /> funding, <br /> FISCAL IMPACT <br /> Upon submittal of an approved Action Plan,the City will receive $1,160,020 in CDBG and <br /> HQME funds for housing and community development activities for FY 2007/08.Additionai <br /> impacts include a recommendation for $45,000 from the General Fund for Shelter <br /> Network's Redwood Family House. Approximately$400,000 is expected to be received in <br /> income from loans and approximately$127,370 from prior year funds wilf be reailocated to <br /> current projects. <br /> f�C L+C.�'���f,..:L�� �Jl�'VL.�''•�-Z'�v <br /> Patricia J. Webb -�°� Peter Ingrarn � <br /> Housing and Economic Development Manager Community Development Director <br /> � <br /> Ed Everett � <br /> City Manager <br /> HTT�CFiM�iVTS <br /> 1. CDBG & HOME Funding Recommendations by Motion of the HHCC <br /> 2. Current Performance Outcomes - 5 Year Consolidated Plan Goals—YTD Status <br /> 3. Annual Action Plar� by Priority <br /> 4. Resolution Adopting FY fl7/08 Action Plan <br /> RELATED DOCUMENTS <br /> None <br /> I:R�DEVELOPMENT/2006 STAFF REPORTSJ04-2006/Action Plan Adoption 3 <br />