*Authorize an Intergovernmental Agreement with the City of Gresham for $2,136,654 for the HOME Investment Partnership Program

The Portland HOME Consortium, of which the City of Gresham is a member, is a recipient of funding under the U.S. Department of Housing and Urban Development HOME Investment Partnership Program. In accordance with the HOME Consortium Agreement No. 30007826, a portion of the U.S. Housing and Urban Development HOME grant is attributable to Gresham's participation in the Consortium, and Gresham is entitled to plan for the expenditure of such funds. There is a total of $2,136,654 in HOME funds available to Gresham in the Portland Housing Bureau (PHB) budget, comprised of $693,598 in FY 2023-24 Gresham HOME funds, $173,734 in FY 2023-24 Multnomah County HOME funds, $1,118,292 in carryover funds, and $151,030 in program income. The City of Gresham will implement a portion of the HOME Program in the amount of $2,080,644. The balance of Gresham’s HOME Program funding, $45,826, will be administered by the City of Portland.

The source of funding for this IGA is federal entitlement funds from the HUD HOME Program. Although this IGA does not generate nor reduce future revenue, it does allow Consortium partners to maximize HUD’s HOME entitlement dollars benefiting the City.

HOME funds are provided to the City of Gresham from an allocation of federal entitlement funding provided to the Portland HOME Consortium, which includes the City of Portland. The amount of the Gresham share of funds is determined by a pre-established formula based on the number of households in poverty. The activities and priorities established for these funds are developed by the Gresham City Council. The Portland Housing Bureau is acting as a pass-through agency to provide these funds to Gresham.