Title
Resolution Appropriating $40,381 of the Committed Fund Balance of the Home Elevation Revolving Loan Program to the Emergency Management Operating Budget to Fund Current Recoverable Costs Associated with the Administration of the Home Elevation Revolving Loan Program
Purpose
PURPOSE/BACKGROUND:
In FY 2012, Council took the initiative to create a program to assist homeowners with flood mitigation. At that time, the program was envisioned as a loan program. To date no loans have been issued, but the intent of the program has come to fruition. The Emergency Management department has worked diligently with homeowners and FEMA to assist homeowners in taking advantage of grants available to fund home elevation. The following Resolution is presented to fund the current costs of these objectives.
City staff recommends the appropriation of funds from Committed Fund Balance of the Home Elevation Revolving Loan Program to the Emergency Management Operating Budget for design costs and elevation staff costs associated with the Home Elevation Program.
Discussion:
See Purpose/Background
Impact:
See Purpose/Background
Recommendation:
Rec
Approve.
Body
WHEREAS, the Home Elevation Revolving Loan Program (the “Home Elevation Program”) was established to provide residents living in flood zones, a low-interest loan for the purposes of raising the finished first floor above the flood elevation;
WHEREAS, in Fiscal Year 2012, $2,500,000 was allocated to the Hampton Redevelopment and Housing Authority to implement the Home Elevation Program;
WHEREAS, the City has assisted approximately 20 homeowners with preliminary design costs necessarily incurred to assess the feasibility of home elevation (“Design Costs”) in the total amount of $11,545, the majority of which is anticipated to be wholly recovered by the City from homeowners;
WHEREAS, the City employs the expertise of a building inspector and planner (“Elevation Staff”) to suppo...
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