HomeMy WebLinkAboutORD 5419Amends ORD 5325
CITY OF RENTON,WASHINGTON
ORDINANCE NO.5419
AN ORDINANCE OF THE CITY OF RENTON,WASHINGTON,
AMENDING THE CITY OF RENTON FISCAL YEAR 2008 ANNUAL
BUDGET TO APPROPRIATE AND TRANSFER $200,000 FROM THE
GENERAL FUND (000)TO THE NEWLY CREATED HOUSING
OPPORTUNITY FUND (326).
WHEREAS,on December 10,2007,the City Council adopted Ordinance 5325
approving the 2008 Annual Budget;and
WHEREAS,it is necessary to amend the City of Renton Fiscal Year 2008 Annual
Budget to create a new Housing Opportunity Fund 326 to be allocated in the following manner:
HOUSING OPPORTUNITY FUND -PROPOSED PROJECT ELIGIBILITY AND
USES OF FUNDS
Projects must be physically located within the Renton city limits.
Projects must serve low and/or moderate income households and/or special-needs
populations as follows:
•First priority -New construction projects to increase the available supply of
affordable housing in Renton with a preference for mixed-income projects.
•Second priority -Acquisition and/or rehabilitation of existing multi-family housing
projects to increase the available supply of affordable housing in Renton.
•Third priority -Rehabilitation or remodeling of existing multi-family housing
projects to maintain the facility as decent,safe,and sanitary affordable housing.
•Eligible projects offering home ownership opportunities,such as condominiums,
townhouses,cottages,etc.,must be affordable to households earning no more than
80%of the median income in King County.Eligible rental projects must be
affordable to households earning no more than 60%of the median income in King
County.
The funds are available to entities to support the project activities noted above,but may
not be used to provide grants or other direct financial assistance to individuals.
The entities that receive the funds must agree to maintain the housing as affordable for a
minimum often years.
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ORDINANCE NO.5419
The City's funds may be used,for example,for seed money,local match,land
acquisition,development costs,construction costs,etc.to support the project activities noted
above.
The City will strive to maximize leverage for other public and private funds with a
minimum projected $1 to $1 match and preferred projected match of 1-to-4 ($1 of City funds for
each $4 of projected other funds).
Projects will have up to three years to use the City'S funds from the date the project's
funds are approved by the City Council.
HOUSING OPPORTUNITY FUND PROPOSED SELECTION AND
APPROVAL PROCESS FOR AWARDING FUNDS
Interested entities may submit an application to request funds at any time to the
Department of Community and Economic Development Administrator.
The Department of Community and Economic Development Administrator will review
the application in collaboration with an interdepartmental team and prepare a recommendation to
the City Council for approval.
NOW THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON,DOES ORDAIN AS FOLLOWS:
SECTION I.The Fiscal Year 2008 Annual Budget is hereby amended to include
the new Housing Opportunity Fund.Said fund shall be the HOUSING OPPORTUNITY
FUND (326).
SECTION II.
follows:
Appropriations in Fund 000 and Fund 326 are hereby changed as
2008 Adjusted
Fund 2008 Bud~et Bud~et Chan~e Bud~et
000.000000.000.3990.0000.00.000000 $1,392,361 $200,000 $1,592,361
000.000000.000.5970.0059.00.000000 $0 $200,000 $200,000
326.000000.000.3970.0059.00.000000 $0 $200,000 $200,000
326.000000.000.5080.0000.00.000000 $0 $200,000 $200,000
Source of Funds:Transfer from General Fund 000 to CIP Fund 326
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SECTION III.
ORDINANCE NO.5419
This ordinance shall be effective upon its passage,approval,and
five (5)days after publication.
PASSED BY THE CITY COUNCIL this 10th day of November
Bonnie Walton,City Clerk
APPROVED BY THE MAYOR this 10th day of November
,2008.
,2008.
Marcie Palmer,Mayor Pro Tern
Approved as to form:
~.~<"';n.,~.v.:...=..t7 vV"(-
Lawrence 1.Warren,City Attorney
Date of Publication:11/15/2008(summary)
ORD.1504:911 8/08:scr
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