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THE CITY OF _ 5 _ u ='''r' - '' CITY COUNCIL AGENDA REPORT pL£ASANTON. September 5, 2017 City Manager Housing Division TITLE: ADOPT A RESOLUTION AUTHORIZING CONTINUED PARTICIPATION OF THE CITY OF PLEASANTON IN THE ALAMEDA COUNTY HOME CONSORTIUM FOR HOME FUNDS AND AUTHORIZING EXECUTION OF THE NECESSARY DOCUMENTS TO MAINTAIN ELIGIBILITY OF THE CONSORTIUM FOR HOME PROGRAM FUNDS IN ACCORDNANCE WITH THE NATIONAL AFFORDABLE HOUSING ACT OF 1990 SUMMARY In June 20, 2017, the City Council of the City of Pleasanton adopted a resolution authorizing the renewal of a cooperative agreement with Alameda County to continue Pleasanton's participation in the Alameda County HOME Consortium for the next three fiscal years (2018, 2019, and 2020). The proposed action is necessary for the City to continue to receive an annual grant of federal HOME funds for affordable housing projects and activities. However, the U.S. Department of Housing and Urban Development (HUD) recently revised this 3-year cooperative agreement, and consequently, is requiring all Alameda County HOME Consortium participants, including the City of Pleasanton, to adopt a new resolution approving the execution of this revised cooperative agreement. RECOMMENDATION Adopt the attached draft resolution authorizing execution of a revised cooperative agreement with Alameda County to participate in the Alameda County HOME Consortium for the purpose of receiving federal HOME funds for affordable housing development for Fiscal Years 2018, 2019, and 2020. FINANCIAL STATEMENT Approval of the attached revised cooperative agreement with the County will enable the City to maintain its eligibility to receive an annual grant of HOME funds estimated at approximately $100,000 per year for the next three years. As per the current agreement, five percent of the City's annual HOME grant (approximately $5,000) would go to the County as the City's contribution toward central administration of the HOME program by County staff.