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ORDER OF THE BOARD OF ALDERS APPROPRIATING AN ADDITIONAL $5M OF THE REMAINING APPROPRIATION OF THE AMERICAN RESCUE PLAN ACT TO INCREASE THE I'M HOME INITIATIVE RENTAL DEVELOPMENT PROGRAM
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WHEREAS, on March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021
(the "Act") which includes approximately $1.9 Trillion Dollars in investments designed to address the public health emergency and the direct and adverse impacts to the economy, to people and to community wellbeing; and
WHEREAS, on June 7, 2021, the Board of Alders authorized acceptance by the City of New Haven (the "City") of the local fiscal recovery fund pursuant to the Act; and
WHEREAS, on January 6, 2022, the US Department of Treasury issued its final rule which regulates the use the local fiscal recovery fund and which takes effect on April 1, 2022; and
WHEREAS, on August 17, 2022, the Board of Alders approved the City's investment plan of $53 Million Dollars (the "Investment Plan") for programs to address youth engagement and early childhood; housing
through the I'M HOME INITIATIVE (the "INITIATIVE"); wealth creation and economy; vocational and technical initiatives; the climate emergency; public health and infrastructure; and the New Haven Land Bank; and
WHEREAS, the Board of Alders determined that any remaining funds not allocated in the Investment Plan approved on August 17, 2022 should be presented to the Board of Alders at a later date for consideration in a manner consistent with the Act; and
WHEREAS, the Livable City Initiative ("LCI") on behalf of the Mayor's Office is now requesting an additional allocation of $5 Million Dollars for the INITIATIVE, specifically to be used for the development of new rental units for occupants with incomes at or below 65% of Area Median Income ("AMI") (the
"Rental Development Program"); and
WHEREAS, the Rental Development Program is an established ARPA account MUNIS code: 23143086 and the additional allocation will go ...
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