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Posted: October 16, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF101619-04 - Authorize the Mayor and Finance Officer to sign the FY2019 Community Development Block Grant Contract for the Black Hills Community Loan Fund

Agenda Item Title:

LF101619-04 - Authorize the Mayor and Finance Officer to sign the FY2019 Community Development Block Grant Contract for the Black Hills Community Loan Fund

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/16/2019
City Council Hearing Date:
10/21/2019
Petitioner:
CDBG Program Division
Staff Contact:
Michelle Schuelke, CDBG Division Manager
Agenda Item Summary:
Staff is seeking City Council approval for the Mayor and Finance Officer to sign two copies of the FY2019 Community Development Block Grant (CDBG) contract for Black Hills Community Loan Fund. CDBG funds will be used to be used for down payment and/or closing costs for low-income households through Individual Development Accounts (IDA) for the purpose of purchasing homes. CDBG funds will be used as a required match for the IDAs and may range from $2000-$5000 per household.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Budgeted
Funding Source & Fiscal Impact Notes:
FY2019 CDBG Funds

Recommendations:

Origination Recommendation Action:
Approve
Origination Recommendation Notes:
Legal and Finance Committee recommended to authorize signatures: 10/16/2019
City Council Recommendation Action:
Approve
City Council Recommendation Notes:
City Council authorized the Mayor and Finance Officer to sign: 10/21/2019

Attachments & Links to Download:

LF101619-04 Black Hills Community Loan Fund

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