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a <br /> 2 <br /> The application specifically requests $40,000 in CDBG funds. A total of$20,000 will be used to <br /> match participants' savings. The remaining $20,000 will be used for operating costs with <br /> $7,200 used for administrative purposes and $12,800 for training and technical assistance. The <br /> Women's Center plans to support 20 participants in the IDA Program with each participant <br /> required to save $1000 during the course of the program — 18 months. Savings must be used <br /> for downpayment assistance and/or closing costs for a first-time homebuyer only. <br /> A second public hearing is required after the grant application is prepared in order to receive <br /> additional comments prior to submission. This public hearing has been advertised in the local <br /> newspaper. Comments received will be incorporated into the application document prior to <br /> submission. <br /> FINANCIAL IMPACT: This grant provides the opportunity to apply for$40,000 in CDBG <br /> funding for housing purposes. There is a $1 for$1 match requirement, thus the County must <br /> provide $40,000 in local funds as a match. County staff is proposing that the match contribution <br /> come from the local Housing Trust fund that has a balance of approximately $328,000. <br /> RECOMMENDATION(S): The Manager recommends that the Board 1) receive comments from <br /> the public as additional information; 2) approve a resolution authorizing the submission of the <br /> formal application document on or about April 17, 2002 and authorize and Chair to sign the <br /> application document on behalf of the Board; and 3) approve the allocation of$40,000 in match <br /> funding from the County's Housing Trust Fund. <br />