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- 1 - City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Committee Item: FFY 10 HOME contract with HRC Date: March 12, 2010 Prepared by: Nancy Harte, Grants Administrator, OPG Initiated by: Nancy Harte, Grants Administrator, OPG Action Required: Approve Home Investment Partnerships program (HOME) Contract Number H-10-01 with the District XI Human Resource Council in the amount of $200,000.00 for assistance to low- and moderate-income first-time homebuyers in the form of downpayment assistance, closing costs, and home-buyer education per Resolution Number 7502. Recommended Motions: I move the Missoula City Council approve and authorize the Mayor to sign the Home Investment Partnerships program (HOME) contract (Contract Number H-10-01) with District XI Human Resource Council in the amount of $200,000.00 for assistance to low- and moderate-income first-time homebuyers in the form of downpayment assistance, closing costs, and education, as authorized in City Council Resolution Number 7502. Timeline: Referral to committee: March 12, 2009 Committee discussion: TBD Deadline: Contract year starts April 1, 2010 Background and Alternatives Explored: City Council approved a HOME award to the Human Resource Council District XI to provide assistance to low- and moderate-income first-time homebuyers in the form of downpayment assistance, closing costs and home-buyer education. Financial Implications: This award is funded from the annual allocation from the Department of Housing and Urban Development for entitlement cities. Awards are funded solely by federal pass- through funds. Attachments: Resolution Number 7502. HOME Contract Number H10-01