RESOLUTION NO. 615-C

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO,

SITTING AS THE BOARD OF COMMISSIONERS

OF THE HOUSING AUTHORITY OF THE COUNTY OF SAN MATEO

STATE OF CALIFORNIA

* * * * * * * * * *

RESOLUTION 615-C APPROVING THE TRANSFER OF $2,100,0000 FROM THE SECTION 8 OPERATING RESERVE TO THE MIDWAY VILLAGE RESERVE ACCOUNT AND THE SHELTER + CARE PROGRAM

______________________________________________________________________

RESOLVED, by the Board of Supervisors sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo, State of California that

WHEREAS, the 2003 Federal Appropriations Bill limits the amount of Operating Reserve housing authorities are allowed to retain and allows for the recapture of any excess by the United States Department of Housing & Urban Development; and

WHEREAS, the Section 8 Operating Reserve has approximately $2,100,000 over the allowable limit; and

WHEREAS, there exists a legitimate need for funds by Midway Village and the Shelter + Care Program.

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERDED THAT:

The Board of Commissioners of the Housing Authority approves the transfer from the Section 8 Operating reserve of $1,850,000 to the Midway Village reserve account; and of $250,000 to the 1995 Shelter + Care Sponsor Based component.

* * * * * *