Title
Renew the Charlotte-Mecklenburg Regional Housing Consortium
Action
Action:
Adopt a resolution authorizing the City Manager to renew the Charlotte-Mecklenburg Regional Housing Consortium Agreement to continue receiving an annual formula allocation of HOME funds effective July 1, 2021, through June 30, 2024.
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Body
Explanation
* The Charlotte-Mecklenburg Regional Housing Consortium was established through a joint cooperation agreement in July 2003. The Consortium currently consists of the City of Charlotte; Mecklenburg County; and the towns of Cornelius, Davidson, Huntersville, Matthews, Mint Hill, and Pineville.
* Each municipality is eligible to receive funding from the federal HOME Investment Partnerships Program (HOME Program) for the development of affordable housing with the city serving as the lead entity.
* As the lead entity and largest recipient of funding, the city is required to re-affirm the commitment of consortium members and renew the agreement every three years per guidelines from the U.S. Department of Housing and Urban Development (HUD).
* The HOME Program is the largest federal grant to states and local governments designed exclusively to create affordable housing for low-income households.
* HOME funds can be used for acquisition, rehabilitation, new construction, tenant-based rental assistance, and homebuyer activities and programs such as down payment assistance.
* The HOME Program provides formula grants to states, localities, and communities and is often used in partnership with local nonprofit groups to fund a wide range of activities such as constructing, purchasing, and/or rehabilitating affordable housing for rental or homeownership opportunities. HOME funds can also be used to provide direct rental assistance to low-income individuals.
* The city reviews and approves funding proposals from Consortium members...
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