Title
RESOLUTION AUTHORIZING THE EXPENDITURE OF CARES ACT FUNDING TO PROVIDE MORTGAGE AND RENT RELIEF TO COMMERCE CITY HOUSEHOLDS
Body
Summary and Background Information:
The City previously accepted and appropriated funding to the General Fund for $4,646,885.00 for the purposes authorized by the CARES Act. At the May 28, 2020 special City Council meeting and further supported at the June 1, 2020 regular meeting, Council desires to establish a mortgage and rent relief program using a portion of the CARES Act funds. The goal of the program is to provide Commerce City residents in need with an additional emergency resource to prevent eviction and/or foreclosure because of the COVID-19 crisis.
The City Council authorizes the expenditure of $500,000 CARES Act funds and allows staff to identify one or more Partner(s) to administer these funds. The identified partner(s) as the vendor to administer these funds to qualifying households in the city. The city is negotiating eligibility and award criteria with identified Partner(s) for the broad distribution of these funds to those at or below 80% of the area median income. The City in partnership with identified partner(s) anticipates rapid response to assist Commerce City residents in need
Staff Responsible (Department Head): Jason Rogers, Community Development Director
Staff Member Presenting: Jason Rogers, Community Development Director
Financial Impact: N/A
Funding Source: CARES ACT
Staff Recommendation: Approval
Suggested Motion: I move to approve Resolution 2020-39: AUTHORIZING THE EXPENDITURE OF CARES ACT FUNDING TO PROVIDE MORTGAGE AND RENT RELIEF TO COMMERCE CITY HOUSEHOLDS