TITLE
Recommendation to authorize City Manager to enter into a Subrecipient Agreement with The Long Beach Housing Development Company for the administration and use of HOME funds. (Citywide)
DISCUSSION
When the City Council adopted the Five-Year Housing Action Plan for Fiscal Years 2005-2009 in June 2004, it also authorized The Long Beach Housing Development Company (LBHDC) to administer the federal HOME funds allocated annually to the City. To implement this action, a Subrecipient Agreement (Agreement) between the City and the LBHDC was put in place. The Agreement sets forth HOME eligible uses and subrecipient requirements.
Through the Agreement, the LBHDC, and its subcommittee, the LBHDC Programs Committee, are responsible for the expenditure of HOME funds, including the review and approval of HOME-funded rehabilitation loan program applications, and other HOME-funded affordable housing loans.
The existing Agreement commenced on September 30, 2004 and has now expired. In order for the LBHDC to continue administering the HOME funds, solely or in combination with other affordable housing resources available to the City, a new Agreement has to be approved by the City Council and its housing entity. If approved, a new Agreement would be in place until either party desires to terminate the Agreement, which could occur upon 30 days written notice. The LBHDC authorized its President to enter into a new Agreement at its meeting on May 16, 2012.
This matter was reviewed by Deputy City Attorney Richard Anthony on May 21, 2012 and Budget Management Officer Victoria Bell on May 24, 2012.
TIMING CONSIDERATIONS
City Council action is requested on June 12, 2012, to allow the LBHDC to continue administering HOME funds.
FISCAL IMPACT
The recommended action will not have a fiscal impact on the City. It will allow the City to use HOME funds as it has since 2004. The recommended action will not have a significant impact on local jobs.
SUGGESTED ACTION
Approv...
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