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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: May 14, 2010 Prepared by: Nancy Harte, Grants Administrator, OPG Initiated by: Nancy Harte, Grants Administrator, OPG Action Required: Approve an amendment to Home Investment Partnerships program (HOME) Contract Number H-10-01 with the District XI Human Resource Council for a total amount of $325,000.00 for assistance to low- and moderate-income first-time homebuyers in the form of downpayment assistance, closing costs, and homebuyer education per Resolution Number 7524. Recommended Motions: I move the Missoula City Council approve and authorize the Mayor to sign an amendment to Home Investment Partnerships program (HOME) contract H-10-01 with District XI Human Resource Council in the amount of $325,000.00 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 7524. Timeline: Referral to committee: May 14, 2010 Committee discussion: TBD Deadline: July 1, 2010 Background and Alternatives Explored: City Council approved a HOME award to and contract with 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. The federal fiscal year 2010 HOME award was reallocated per Resolution Number 7524 and $125,000.00 is added to HRC’s original $200,000.00 HOME award. 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: Amendment to HOME Contract Number H-01-01