Title of Item:
BUDGET APPROPRIATION FOR A MATCHING CONTRIBUTION FOR THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM APPLICATION (RC):
RESOLUTION No. 03-2020 CRA; A RESOLUTION OF THE BOARD OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF STUART, FLORIDA, AUTHORIZING BUDGET AMENDMENT #1 TO THE FY 2020 CRA BUDGET TO TRANSFER FUNDS FROM THE CRA FUND BALANCE TO ALLOCATE FOR A MATCHING CONTRIBUTION IN THE AMOUNT OF $50,000 FOR THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM APPLICATION TO BENEFIT LOW- TO MODERATE- INCOME PERSONS FOR HOUSING, NEIGHBORHOOD REVITALIZATION, COMMERCIAL REVITALIZATION AND/OR ECONOMIC DEVELOPMENT; PROVIDING FOR CONFLICTS; SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
Summary Explanation/Background Information on Agenda Request:
The Community Development Block Grant (CDBG) program is a federal grant program that provides funding a variety of projects and programs to serve low- and moderate-income residents and areas.
The City is considering applying to the Florida Department of Economic Opportunity (FDEO) for one or more Small Cities Community Development Block Grants (CDBG) for up to $750,000 in the Regular (Neighborhood or Housing or Commercial) Category and in the Economic Development Category for up to $1,500,000 or more. These funds must be used for one of the following purposes:
1. To benefit low- and moderate-income persons; or
2. To aid in the prevention or elimination of slums or blight; or
3. To meet other community development needs of a particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the community.
A match in the amount of $50,000 is required to receive the maximum points for a matching contribution item on the CDBG application.
Funding Source:
FROM: CRA FY 2020 Fund Balance – $50,000
TO: CDBG Matching – $50,000
Recommended Action:
Approve Resolution No. 03-2020 CRA, a budget allocation in the amount of $50,000 for a matching contribution for the CDBG Program application. |