TO: Board of Supervisors
FROM: Planning and Building Services
MEETING DATE: May 19, 2020
DEPARTMENT CONTACT:
Adrienne Thompson
PHONE:
234-6650
DEPARTMENT CONTACT:
Brent Schultz
PHONE:
234-6650
ITEM TYPE: Noticed Public Hearing
TIME ALLOCATED FOR ITEM: 5 Mins
AGENDA TITLE:
title
Noticed Public Hearing - Discussion and Possible Action Including Adoption of Resolution Authorizing Submittal of an Application to Utilize On-hand Community Development Block Grant Program Income (CDBG PI) for Establishing and Funding a Business Assistance Revolving Loan Fund (RLF); Further Authorizing CEO to Execute Documents Associated with Program Compliance and Making Loans
(Sponsor: Planning and Building Services)
End
RECOMMENDED ACTION/MOTION:
recommendation
Hold the public hearing and adopt the Resolution authorizing submittal of an application to utilize on-hand Community Development Block Grant Program Income (CDBG PI) for establishing and funding a Business Assistance Revolving Loan Fund (RLF); further authorizing CEO to execute documents associated with program compliance and making loans; authorize Chair to sign same.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
None directly related to this item. The County has previously authorized expenditure of CDBG PI, and the County has previously operated a Business Assistance Revolving Loan Fund (RLF).
SUMMARY OF REQUEST:
When the County is awarded CDBG funds for an eligible activity, such as business or housing loans, Program Income (PI) is generated from the payments of those loans. As discussed in the HUD Office of Block Grant Assistance Manual, Revolving Loan Funds are specifically allowed within the CDBG Program and are separate funds, independent of the CDBG Program accounts, set up for the purpose of carrying out specific activities. These activities generate payments to the account for use in carrying out the same type of activities. At this time, the County has approximately $300,000 i...
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