Resolution No. 24-17 Page of 2
RESOLUTION NO. 24-17A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK AUTHORIZING AN AMENDMENT TO THE FISCAL YEAR 2023-24 ADOPTED BUDGET TO APPROPRIANTE FUNDS FOR THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT CALHOME PROGRAM TO FUND FIRST TIME HOMEBUYER MORTGAGE ASSISTANCE AND OWNER-OCCUPIED REHABILITATION PROGRAMWHEREAS, the City Council authorized the submission of an application to the California Department of Housing and Community Development (HCD) for an allocation of CalHome Program (Program) funds for First-Time Homebuyer Mortgage Assistance and an Owner-Occupied Rehabilitation Program; and WHEREAS, the City received a conditional award for a grant in the total amount of $3,000,000, to fund First Time Homebuyer Mortgage Assistance in the amount of $2,400,000 and a Owner-Occupied Rehabilitation program in the amount of $600,000, contingent upon the delivery of required documents and acceptance of terms and conditions of the Program Regulations adopted by HCD; andWHEREAS, the City of Norwalk met all requirements and accepted the terms and conditions of the award, and executed an Agreement with Global Urban Strategies, Inc. for the administration of the Program (including loan servicing, monitoring, Homebuyer Education, and submittal of reimbursement requests), program eligibility and vetting of applicants; andWHEREAS, there is no current appropriation for grant eligible activities.NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NORWALK HEREBY DETERMINES, FINDS, AND RESOLVES AS FOLLOWS: SECTION 1. The City Manager is authorized to make the following appropriation and prepare the necessary budget amendment for the CalHome Program as follows:Account Number Debit CreditExpenditures: 231-62-6202-2080 $120,000231-62-6202-2119 $480,000231-62-6205-2080 $240,000231-62-6205-2124 $2,160,000Revenue: 231-62-0000-4440 $3,000,000SECTION 2. The Mayor, or presiding officer, is hereby authorized to affix her signature to this Resolution signifying its adoption by the City Council of the City of Norwalk and the City Clerk, or her duly appointed assistant, is directed to attest thereto.
Resolution No. 24-17 Page 2 of 2
APPROVED AND ADOPTED on this 2nd day of April 2024. _____________________MARGARITA J. RIOSMAYORATTEST:______________________THERESA DEVOY, CMCCITY CLERK