Title
a. Conduct a Public Hearing on Monterey County's Community Development Block Grant (CDBG) Program Income Reuse Agreement; Authorize establishment of a Business Assistance Revolving Loan Fund (new title);
b. Authorize the Economic Development Director to sign the Program Income Reuse Agreement;
c. Authorize the Economic Development Director to implement the Agreement and use specified CDBG Program Income to establish a Business Assistance Revolving Loan Fund; and,
d. Authorize the Economic Development Director to notify the State Department of Housing and Community Development that the County will transfer other CDBG Program Income to the Urban County CDBG Program.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a Public Hearing on Monterey County's Community Development Block Grant (CDBG) Program Income Reuse Agreement; Authorize establishment of a Business Assistance Revolving Loan Fund (new title);
b. Authorize the Economic Development Director to sign the Program Income Reuse Agreement;
c. Authorize the Economic Development Director to implement the Agreement and use specified CDBG Program Income to establish a Business Assistance Revolving Loan Fund; and
d. Authorize the Economic Development Director to notify the State Department of Housing and Community Development that the County will transfer other State CDBG Program Income to the CDBG Urban County Program.
SUMMARY:
The County of Monterey has revised its CDBG Program Income Reuse Agreement (Agreement) with the California State Department of Housing and Community Development (HCD) to comply with new requirements issued by HCD. The Board of Supervisors is asked to review and authorize the Agreement in order to come into compliance with new State requirements. If authorized, and upon its execution, the County will use part of the funds formerly held in a State CDBG Program Income Revolving Loan Account (RLA) to establish, with HCD, a State CDBG Busin...
Click here for full text