Title
A Resolution authorizing payment of $252,500 of Federal funds (ARPA), allocated to the Affordable Housing Fund, to Independence Homes, determining that the use of these funds for operating expenses by Independence Homes is an eligible use of the affordable housing fund, notwithstanding Section 2-483 of the Code of Ordinances, and further authorizing the Mayor, on behalf of the Urban County Government, to execute any necessary Agreements with Independence Homes related to these funds. [Office of Affordable Housing, McQuady]
Summary
Authorization to allocate $252,500 from the total $10,000,000 ARPA Affordable Housing Fund allocation to pay operating expenses of Independence Homes, as allowable by ARPA SLFRF, and to execute any necessary documents with Independence Homes related to the use of these funds. This action is needed because the Ordinance establishing the Affordable Housing Trust Fund does not authorize payment of operating expenses as an eligible use of the Affordable Housing Fund. (L1019-22)(McQuady/Lanter)
Budgetary Implications: YES
Advance Document Review:
Law: Yes, Completed by Brittany Smith, 9-30-2022
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: BA to follow
Account Number: 3230-160203-0001-781112
This Fiscal Year Impact $252,500.
Annual Impact:
Project: AR_AHT_2022
Activity: FED_GRANT
Budget Reference: 2022
Current Balance: $ 7,786,650 unallocated
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That an amount of Federal funds (ARPA) previously allocated to the Affordable Housing Fund, not to exceed $252,500.00, be and hereby is authorized for payment to Independence Homes to pay the entity’s operating expenses, and that the payment of these funds to Independence Homes be and hereby is determined to be an eligible use of the Affordable Housing Fund, notwithstanding Section 2-483 of the Code of Ordinances.
Section 2 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute any necessary agreement(s) with Independence Homes related to the use of these funds.
Section 3 - That an amount, not to exceed the sum of $252,500.00, be and hereby is approved for payment to Independence Homes, from account # 3230-160203-78112, contingent upon and pursuant to the execution of one or more agreement(s), the final form of which shall be approved by the Office of Affordable Housing and the Department of Law.
Section 4 -That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
______________________________
CLERK OF URBAN COUNTY COUNCIL
1019-22 BGS X:\Cases\COMDEV\22-LE0003\LEG\00766942.DOCX