City Council

14. CONSIDERATION AND APPROVAL OF SUBSTANTIAL AMENDMENT NUMBER\nONE (AMENDMENT 1) TO THE FY 2023-2024 ANNUAL ACTION PLAN (AAP)\nTO ALLOCATE UP TO $1,208,584 TO AZURE DEVELOPMENT INC. FOR THE\nDEVELOPMENT OF AFFORDABLE HOUSING DEVELOPMENT PROJECTS\nFROM HOME INVESTMENT PARTNERSHIPS (HOME) FUNDS.\nRECOMMENDED THAT CITY COUNCIL:\n1. Conduct a public hearing; and\n2. Take public testimony and consider any comments received by the City Clerk\nduring the 30-day public comment period; and\n3. Approve Amendment 1 to the Annual Action Plan for FY 2023-2024; and\n4. Amend the Fiscal Year 2023-2024 budget in accordance with the approved\nreallocation of funds as follows:\n• AZURE DEVELOPMENT INC. FOR AFFORDABLE HOUSING\nDEVELOPMENT (PROJECTS) –\nAllocate HOME funds from the following respective Fiscal Year budgets to the\nProject as follows:\n• FY 2015 - $379,045.00\n• FY 2016 - $420,432.50\n• FY 2017 - $409,432.50\n5. Authorize the City Manager to execute the attached letter to commit the HOME\nfunds to Azure Development Inc. at an amount not to exceed $1,208,584 for\npre-development costs, and execute all documents related to Amendment 1 for\ntransmittal to the U.S. Department of Housing and Urban Development\nDepartment (HUD); and\n6. Authorize City staff to electronically transmit the amended components of the\nFY2023-2024 Annual Action Plan to the U.S Department of Housing and Urban