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THE CITY OF 03 <br /> CITY COUNCIL AGENDA REPORT 3 <br /> pLEASANTONo <br /> September 6, 2011 <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 (2012, 2013, and 2014). 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 2012, 2013, and 2014. <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 />