Agenda - 01-04-1988 - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AG NDA ACTION AGENDA ITEM ABSTRACT ITEM NO. MEETING DATE SUBJECT: Section 8 Reserve Account January 4, 1988 ],10 *********************************************************************** DEPARTMENT: Housing and Co®umity Development PUBLIC HEARING YES X NO ************************************************************************** ATTACHMENT(S) : INFORMATION CONTACT: Tara Pikes • PHONE NUMBERS: HILLSBOROUGH 732-8181 HILLSBOROUGH 732-9361 CHAPEL HILL 967-9251 MEBANE 227-2031 DUAM 688-7331 ***************************************************** ******************* PURPOSE: To establish policy for transfer of Section 8 Reserve Funds to the County's General Fund. BACKGROUND: The Section 8 Reserve Account, known as "Section 8 Surplus" is derived from crediting all earned Public Housing Authority (PHA) administrative fees that exceed actual PHA expenditures for program administration during each fiscal year. As of the end of Fiscal Year 1986, the balance in this account is approx- imately $142,238. HUD regulations state that the PHA may use this "surplus" for other housing purposes consistent with State and local law. On April 16, 1985, the Board of Gant sioners adopted a policy for the use of the Section 8 Reserve funds with top priority for use being funding of community rehabilitation or Community Development purposes. Since this money resides in a revenue account a transfer of funds to the General Fund will be necessary in order to finance any Housing and Community Development activities. Therefore, there is a need for the County to establish a policy which allows this transfer to occur for projects approved by the Board. Specifically, only funds authorized by the Board for each project would be transferred. This process enables the County to maintain account- ability and ensure that Section 8 surplus funds are used only for housing purposes. RECOMMENDATION: Approve the following policy: The Board of Commissioners authorize the transfer of funds from the Section 8 Reserve Account to the General Fund to finance all Housing and nity Development projects at the time of approval by the Board.