HomeMy WebLinkAboutReso 24-2017 (17-299) City of South San Francisco
4 p P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco,CA
—_ 0 City Council
SAL FOR> Resolution: RES 24-2017
File Number: 17-299 Enactment Number: RES 24-2017
RESOLUTION APPROVING THE FORMATION OF A REVOLVING
LOAN FUND FOR THE COMMUNITY DEVELOPMENT BLOCK
GRANT.
WHEREAS,the City of South San Francisco ("City") has administered the Housing Rehabilitation Loan
Program for several years using Community Development Block Grant("CDBG") funding; and,
WHEREAS,the City has a long-term goal to administer the program more efficiently in order to meet the
Department of Housing and Urban Development's ("HUD") timely spending regulations ("timeliness");
and,
WHEREAS, processing loans can take several months which can make meeting HUD's timeliness
milestones difficult; and,
WHEREAS, under HUD's guidance,the City has explored the option of creating a Revolving Loan Fund
("RLF"); and,
WHEREAS, HUD allows program income funds assigned to a RLF to be exempt from timeliness
regulations; and,
WHEREAS, a RLF allows the City to operate the housing rehabilitation loan program on an ongoing basis
across program years; and,
WHEREAS,the CDBG Subcommittee("Subcommittee")approved staff's recommendation to implement
a RLF; and,
WHEREAS, HUD are considering changing the RLF program so that it will not protect program income
from timeliness; and,
WHEREAS, if HUD move forward with the change, the City would not want to pursue a RLF but will
continue to administer the Housing Rehabilitation Loan Program; and,
NOW,THEREFORE,the City Council of the City of South San Francisco does hereby resolve as follows:
1. The Recitals set forth above are true and correct, and are incorporated herein by reference.
City of South San Francisco Page 1
File Number: 17-299 Enactment Number: RES 24-2017
2. Approves the formation of a Revolving Loan Fund for the Community Development Block Grant.
3. Authorizes the Finance Director to take any related budgetary actions necessary to form a Revolving
Loan Fund.
4.Authorizes the City Manager or his designee to take other any actions necessary to carry out the intent of
this resolution, subject to approval as to form by the City Attorney.
At a meeting of the City Council on 3/22/2017, a motion was made by Richard Garbarino, seconded by
Liza Normandy, that this Resolution be approved. The motion passed.
Yes: 5 Vice Mayor Normandy, Councilmember Garbarino, Councilmember
Matsumoto, Mayor Gupta, and CouncilmemberAddiego
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Attest by
Gabriel Rodriguez
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