Staff Report
PREPARED BY: JOEL PAULSON
Community Development Director
Reviewed by: Town Manager, Town Attorney, and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 05/21/2019
ITEM NO: 5
DATE: MAY 16, 2019
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: HELLO HOUSING BUDGET ADJUSTMENT;
A. AUTHORIZE A REVENUE BUDGET ADJUSTMENT IN THE AMOUNT OF
$50,000 FROM THE AVAILABLE BELOW MARKET PRICE (BMP) HOUSING
IN-LIEU DEPOSIT FUND.
B. AUTHORIZE AN EXPENDITURE BUDGET ADJUSTMENT IN THE AMOUNT
OF $50,000 TO THE BMP HOUSING PROGRAM TO COVER THE
ADDITIONAL SERVICES PROVIDED BY HELLO HOUSING.
RECOMMENDATION:
Staff recommends to the Town Council:
A. Authorize a revenue budget adjustment in the amount of $50,000 from the available Below
Market Price (BMP) Housing in-lieu deposit fund.
B. Authorize an expenditure budget adjustment in the amount of $50,000 to the BMP Housing
Program to cover the additional services provided by Hello Housing.
BACKGROUND:
On October 20, 2015, the Town Council authorized the Town Manager to execute an agreement
with Hello Housing for administration of the Town’s BMP Affordable Housing Program. The
agreement was executed by the Town Manager on November 1, 2015 and includes a provision
for additional funding for additional services that are required to be completed by Hello
Housing.
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SUBJECT: HELLO HOUSING BUDGET ADJUSTMENT
DATE: MAY 16, 2019
S:\COUNCIL REPORTS\2019\05-21-19\Hello Housing\Staff Report Hello Housing FINAL.docx
DISCUSSION:
Hello Housing has completed the sales process for two BMP units and one refinancing process
over the last eight months. Approval of this item will move $50,000 from the BMP Housing In-
lieu Fee Fund to the BMP Housing Program Fund to cover the additional costs of services that
were required and provided.
CONCLUSION:
Staff recommends Council authorize a budget adjustment transfer in the amount of $50,000
from the BMP Housing In-lieu Fee Fund to the BMP Housing Program to cover the additional
services required by Hello Housing.
FISCAL IMPACT:
Funds for the requested budget adjustment are available in the BMP In-lieu Fund.
COORDINATION:
This report has been coordinated with the Town Manger’s Office, Town Attorney’s Office, and
the Finance Department.
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.