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2 <br />THE CITY OF <br />pL£~S~4NTONo CITY COUNCIL AGENDA REPORT <br />1 <br />May 6, 2008 <br />Assistant City Manager <br />TITLE: RENEWAL OF THREE-YEAR COOPERATIVE AGREEMENT WITH <br />ALAMEDA COUNTY FOR PLEASANTON'S PARTICIPATION IN THE <br />ALAMEDA COUNTY HOME CONSORTIUM FOR RECEIVING FEDERAL <br />HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) FUNDS <br />SUMMARY <br />This report summarizes the renewal of a cooperative agreement with Alameda County <br />to continue Pleasanton's participation in the Alameda County HOME Consortium for the <br />next three fiscal years (2009, 2010, and 2011). This would enable the City to continue <br />to receive an annual grant of federal HOME funds for affordable housing projects and <br />activities. <br />RECOMMENDATION <br />Adopt the attached draft resolution authorizing the renewal of a cooperative agreement <br />with Alameda County to participate in the Alameda County HOME Consortium for the <br />purpose of receiving federal HOME funds for affordable housing development for Fiscal <br />Years 2009, 2010, and 2011. <br />FINANCIAL STATEMENT <br />Approval of the attached agreement with the County will enable the City to maintain its <br />eligibility to receive an annual grant of HOME funds estimated at approximately <br />$150,000 to $170,000 per year for the next three years. As per the current agreement, <br />five percent of the City's annual HOME grant (approximately $9,000 to $10,000) would <br />go to the County as the City's contribution toward central administration of the HOME <br />program by County staff. <br />