Laserfiche WebLink
144 <br />Explain how federal funds will leverage those additional resources (private, state, <br />and local funds), including a description of how matching requirements will be <br />satisfied. <br />The City is expected to receive HOME funding which can be leveraged with CDBG funding <br />if used for affordable housing and housing rehabilitation. The City will leverage HOME <br />funding if future projects are presented during the next five years. The HOME program <br />requires a 25 percent match based on fund expenditure, unless a jurisdiction meets the <br />thresholds to have the match requirements reduced. The threshold conditions are: 1) Fiscal <br />distress; 2) Severe fiscal distress, and 3) Presidentially declared major disasters covered <br />under the Stafford Act. The City was identified by HUD as a fiscally distressed jurisdiction <br />and has been granted a 50 percent match reduction for Fiscal Year 2023. The <br />determinations for 2024 have not been made public as of January 23, 2025. The City <br />anticipates this designation will continue into the 2025 Consolidated Plan period. <br />Given the limited size of the CDBG and HOME annual allocations, the City may consider <br />pursuing new Section 108 loans within the five-year Consolidated Plan period to support <br />large-scale public improvements or housing projects. <br />Depending on the financing structure of a given activity, it may be advantageous for the <br />City to use CDBG funds to leverage appropriate state, local, and private resources, <br />including but not limited to those listed below. <br />Federal Resources: <br />-Continuum of Care (CoC) Program <br />-HUD Veterans Affairs Supportive Housing (HUD-VASH) <br />-Supportive Housing for the Elderly (Section 202) <br />-Supportive Housing for Persons with Disabilities (Section 811) <br />-Housing Opportunities for Persons with AIDS (HOPWA) <br />-YouthBuild <br />-Federal Low-Income Housing Tax Credit Program <br />-Project Based Housing Choice Vouchers <br />State Resources: <br />-Low-Income Housing Tax Credit Program <br />-Tax-Exempt Bond Financing <br />-Permanent Local Housing Allocation <br />-Building Equity and Growth in Neighborhoods Program (BEGIN) <br />-CalHome Program <br />-Multifamily Housing Program (MHP) <br />-Homekey <br />-CalHFA Single and Multi-Family Program <br />EXHIBIT 1