The City is proposing substantial amendments to prior year and the current year plans that would reallocate funding from projects not fully utilizing the funds toward a rental rehab fund. A public participation process in Spring 2024 identified the immediate need for rehab to income-qualified affordable rental units. Council has indicated their support for this activity if funds became available. In reviewing each of the currently funded strategies, City staff identified a number of projects that are potentially oversubscribed and would most likely not spend their full allocation down before the start of the next Fiscal Year, when additional funds become available. To that end, the City is proposing these amendments to better align the allocations with anticipated spending, and to free up other funds to be put toward the rental rehab fund now.