ORD-2004-093 - Community Dev Block Grant – Individual Development Account Program Grant Project Ordinance

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U ~Z1J-~ooy- °S.~ Community Development Block Grant/lndividual Development Account Program S~ Grant Project Ordinance Be it ordained by the Orange Gounty Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following grant project is hereby adopted. Section 1. The project authorized is the Community Development Block Grant (CDBG)/Individual Development Account Program as awarded to Orange County Housing and Community Development by the North Carolina Department of Commerce. Funds from this grant will be used to match first-time homebuyer participants' savings for a down payment to purchase their first home. To qualify for this match, homebuyers must have incomes below 80% of the area median income. Section 2. The officers of the County are hereby directed to proceed with the grant project within the grant document, the rules and regulations of the North Carolina Department of Commerce. Section 3, The following revenue is anticipated to be available to complete this project: Intergovernmental -CDBG (Individual Development Account Program) ,40,000 Transfer from A~ordable Housing Reserve (02-03) $40, 000 Total x'80,000 Section 4. The following amount is appropriated for this project: Human Services -Individual Dievelopment Account Program $80,000 Section 5. The finance officer is hereby directed to maintain within the Grant Project sufficient specific detailed accounting records to provide the accounting to the grantor agency required by the grant agreement and federal and state regulations. Section 6. Funds may be advanced from the General Fund for the purpose of making payments due. Reimbursement requests should be made to the grantor agency in an orderly and .timely manner. Section 7. Copies of this grant project ordinance shall be made available to the finance officer for direction in carrying out this project. Section 8. No full-time equivalent County positions are related to this grant. Section 9. This ordinance supersedes previous Community Development Block Grant/Individual Development Account Program Grant Project Ordinances for Orange County Government. Section 10. This project period goes through June 30, 2005. Adopted this 23rd day of June 2004.