Agenda Item Name:
Title
Request for Interfund loan for Emergency Rental and Utility Assistance 2 (ERA-2) Grant
End
Presenter:
Claudia Tuck
352-264-6704
Description:
An interfund loan for ERA-2 is needed to continue operating the Emergency Rental Assistance 2 grant until the additional disbursement is issued to the County. The interfund loan will be paid back at the time the additional disbursement has been received.
Recommended Action:
Recommended Action
Authorize an interfund loan of $5,820,997.26 to Fund 230 Emergency Rental Assistance 2
End
Prior Board Motions:
None
Fiscal Consideration:
Fiscal Consideration
Fund 230 Emergency Rental Assistance 2
End
Strategic Guide:
Social and Economic Opportunity
Background:
The Emergency Rental Assistance 2 Grant Award was awarded in the amount of $9,701,662.10 and disbursed $3,880,664.84 (40%) of the award. The grant requires recipients to request the remaining $5,820,997.26 (60%) amount of the award when the recipient has expended or encumbered at least 65% of the 40% of disbursed amount. 100% of the 40% of disbursed funds have been expended or encumbered and the additional funds were requested on November 16, 2021 in the amount of $5,820,997.26.
At this time there has not been any correspondence of when the funds will be disbursed. The interfund loan will allow the grant to continue and will be paid back at the time the additional funds have been received.