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A Resolution to Amend the Housing Forward Funding Grant Agreement for the Flexible Rental Assistance Program to Extend the Term of the Agreement from March 20, 2025, to December 31, 2025, and Authorize its Execution
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Introduction
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Housing Forward requested an amendment to extend the term of its funding grant agreement with the Village. Staff recommends extending through December 31, 2025. The amendment does not impact the amount of funds encumbered from the Housing Trust Fund. No new funds are being requested.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action(s):
* RES 24-219: A Resolution Approving an Amendment to the Funding Grant with Housing Forward for Its Flexible Rental Assistance Program to Increase the Not-to-Exceed Amount from $251,341 to $340,913
* RES 23-114: Resolutions Awarding Funding Grant Agreements for Affordable Housing Projects Totaling $1,484,000 from the Housing Trust Fund and Authorizing Execution of the Agreements
Background
On March 20, 2023, the Village Board approved four agreements funding four projects totaling $1,484,000 from the Housing Trust Fund and authorized its execution of the agreements.
One of the four agreements was with Housing Forward, which was awarded a two-year funding grant agreement of $251,341 for the Flexible Rental Assistance Program (FRAP). This program serves households at or below 50% of the area median income, providing them with temporary rental support to prevent households from becoming homeless. It is a last line of prevention for households experiencing a housing crisis and who have exhausted other potential resources and do not qualify for traditional homelessness prevention assistance.
On June 4, 2024, the Village Board approved an amendment to the Housing Forward FRAP agreement, increasing the funding from $251,341 to $340,913. This action required no new money from the Housing Trust Fun...
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