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<br />78 <br />$500,000 in CDBG and HOME funds toward potential acquisition. Additional funds for Page 3 <br />this acquisition are available in the City's Site Acquisition fund which is also made up of <br />CDBG and HOME funding. Total costs will be known when a site has been identified <br />and an appraisal completed. <br /> <br />City Obligations for Commitment and Expenditure of COSG and HOME Funds <br />The City is required to commit and expend CDBG and HOME funds according to <br />statutory timelines or funds are subject to be recaptured by HUD. One of the <br />responsibilities of the City is to continuously look for and identify funding opportunities <br />that will get federal funds out into the community. Applying for funding from the County <br />will allow a complete funding package to be assembled and a purchase offer to be <br />made when an appropriate property has been identified. <br /> <br />Next Steps <br />The County application for HOME funding is due on April 1, 2009 and requires a <br />Resolution from the Council authorizing the submittal of an application by the City <br />Manager or his designee and designating a contact person. The proposed contact <br />person for this application will be the City's Housing Coordinator. The application form <br />is on fi'e and made availab'e at the City Clerk's Office for review. <br /> <br />AL TERNA TIVES <br />The Council could choose not to apply for San Mateo County COBG and HOME Funds <br />for the Housing First Acquisition Program. <br /> <br />FISCAL IMPACT <br />At this time, there is no direct fiscal impact to the City by applying for COBG and HOME <br />funding. If County funds are awarded to the City's project, the City's total cost of <br />potential acquisition could be offset by $500,000 in County COBG and HOME funding. <br /> <br /> <br />pamCia~~ <br /> <br />Housing, Redevelopment and Economic <br />Development Manager <br /> <br />ChUChang~ <br />Acting Community Development Director <br /> <br />~/ <br /> <br />Peter Ingram <br />City Manager <br /> <br />ATTACHMENTS <br />1. Resolution Authorizing Submission of County CDBG and HOME application for <br />FY 2009-2010 <br />2. County Program Guidelines for Funding of Housing Development Activities <br />COSG - HOME & Schedule <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />1. San Mateo County Housing Oevelopment Application Form, Instructions & Checklist <br />