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funds must be used in accordance with HUD guidelines, the HRA could reallocate <br />projects for use of these funds where appropriate. Option would be to use these funds as <br />a match for a Single Family RFP application to implement additional first time buyer <br />home opportunities and/or apply towards gap funding for additional SHRP purchases. <br />Suggested HRA Action <br />4.0 <br />4.1As the sources of funds have been revised, the budget needs to be revised. The HRA <br />should, individually then collectively, review what the high priorities are and allocate <br />those dollars appropriately. In addition, the HRA should review what the best use of <br />funds are based upon impact to the residents as well as building on the already <br />implemented successes such as Applewood Court, the Housing Resource Center and <br />reducing neighborhood blight. Once priorities are established, a revised budget can be <br />adopted and a 2005 work plan can be prepared. <br />4.2In addition, as Chair Majerus has suggested, a long term financial strategy should be <br />developed to ensure the longevity of projects and funding sources. One way to achieve <br />this is to establish a financial subcommittee to review the funding sources and future <br />opportunities and come back to the full HRA Board with recommendations. <br />Attachments: <br /> Council Levy Resolution, 2005 Draft Budget <br />Prepared by: Cathy Bennett (651-792-7072) <br /> HRA Budget Hearing & Levy Request - Page 2 of 2 <br /> <br />