Agenda 02/25/2025 Item #16D 9 (Budget Amendment recognizing $2,802.77 in program income from interest earned in the Home Investment Partnership Program. Housing Grant Fund (1848))2/25/2025
Item # 16.D.9
ID# 2025-631
Executive Summary
Recommendation to authorize a Budget Amendment recognizing $2,802.77 in program income from interest earned in
the Home Investment Partnership Program. Housing Grant Fund (1848).
OBJECTIVE: To utilize the Home Investment Partnership Program (HOME) interest income to further the County's
strategic objective to support comprehensive affordable housing opportunities.
CONSIDERATIONS: Collier County is the recipient of HOME Program funds from the United States Department of
Housing and Urban Development (HUD) as provided by the Cranston -Gonzalez National Affordable Housing Act.
HOME funds may be used to provide incentives to develop and support affordable rental housing and homeownership
affordability through the acquisition, new construction, reconstruction, or moderate or substantial rehabilitation of
affordable housing, including real property acquisition, site improvement, conversion, demolition, and other expenses,
including financing costs, relocation expenses of any displaced persons, families, businesses, or organizations, to
provide for the payment of reasonable administrative and planning costs, to provide for the payment of operating
expenses of community housing development organizations, and to provide tenant- based rental assistance.
On June 22, 2021 (Agenda Item 416.D.7), the Board of County Commissioners (Board) approved the County's Five -
Year Consolidated Plan for the use of entitlement funds for the period of PY2021-2025. This is the fourth Program Year
of the Five -Year Consolidated Plan. As such, each year the County is required to submit an Annual Action Plan to HUD
outlining the planned eligible uses for the HOME funds and this was approved by the Board on July 23, 2024 (Agenda
Item #16.D.4). The Action Plan includes HOME activities that will be supported with program income.
The origin of these funds is interest earned on HOME Program Income received through the repayment of loans. This
revenue will be used in compliance with federal grant regulations and will fund eligible HOME -related expenses and
activities, including administration.
Revenue received:
Type of Revenue
Amount Received
10%Admin
HOME Program Funds
Home Interest 2020-21
$176.97
$17.70
$159.27
Home Interest 2021-22
$799.27
$79.93
$719.34
Home Interest 2022-23
$926.76
$92.67
$834.09
Home Interest 2023-24
$899.77
$89.98
$809.79
Totals
$2,802.77
$280.28
$2,522.49
The revenue received was for payment of interest through FY 2024 for the four prior program years. The interest was
incurred in FY 2024 and deposited accordingly.
HOME guidelines allow ten percent (10%) of the program income to fund administration activities. The remaining
balance of $2,522.48 will be applied toward current approved HOME projects.
FISCAL IMPACT: In FY25, Fund (1848) HOME grant fund was established for the Home Investment Partnership
(HOME) program. Prior year interest earned under the HOME grant program was previously earned within Housing
Grant Fund (1835) in the amount of $2,802.77. A budget amendment in the amount $2,802.77 is necessary to recognize
program income from carryforward and transfer funds to Fund (1848), Project 33918. Such funds may be used for other
eligible HOME program activities.
GROWTH MANAGEMENT IMPACT: Acceptance and implementation of this Budget Amendment will further the
Goals, Objectives, and Policies within the Housing Element of the Growth Management Plan.
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2/25/2025
Item # 16.D.9
ID# 2025-631
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues and
requires a majority vote for approval. -JAK
RECOMMENDATIONS: To authorize a Budget Amendment recognizing $2,802.77 in program income from interest
earned in the Home Investment Partnership Program. Housing Grant Fund (1848).
PREPARED BY: Prepared By: Wendy Lemus, Accountant I Community and Human Services Division
ATTACHMENTS:
INT 1835 Schedule Summary
1835 Interest_ Budget Transfer request_2.12.25
1848 Interest Budget Transfer request_2.12.25
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