ANALYSIS:
The City is obligated to not exceed a 1.5 funds ratio by August 2, 2018. In order to meet this ratio, the City must expend $478,000 and withdraw these funds from the Treasury by July 30th.
By reallocating the funds from the Madeleine Village project which has been deemed overfunded because of project constriction limits, the City can expend these funds to replace the roof at the Neptune Apartments which is failing and leading to water intrusion in the units. All of the acquired properties have significant capital needs that must be met to ensure they meet housing quality standards.
Please further note that the City can award these capital funds as delineated in the City’s HUD approved Consolidated Plan. The City's Consolidated Plan states that awards to sub-recipients must be via one of these four methods:
1. Application with grantee follow-up (Request For Proposal process);
2. Grantee survey of qualified organizations, with direct solicitation thereafter (survey of organizations followed by Request For Proposal from interested organizations);
3. Response to unsolicited application with adherence to City's Consolidated Plan and HUD rules; and
4. Review of existing sub-recipients' performance for compliance before renewing their participation via new funding agreement (ongoing funding of compliant existing provider).
Please note that no organization seeking a capital project would qualify for existing year funds as:
* They are not an existing sub-recipient of CDBG funds;
* They have not submitted an eligible unsolicited funding proposals; and
* Issuance of Requests For Proposals and resulting environmental reviews and HUD approval for selected projects would not meet the August 2nd deadline.