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Reso 2006-039
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Reso 2006-039
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12/12/2006 2:04:30 PM
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12/12/2006 2:04:24 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
5/1/2006
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<br />PART I. RESOURCES <br /> <br />This section provides a brief description of the federal, State, local and private resources <br />available to implement the City's FY 2006-07 Action Plan. <br /> <br />FEDERAL <br /> <br />Community Development Block Grant (CDBG) Funds <br />As a CDBG entitlement locality, the City of San Leandro directly receives CDBG funds annually <br />from the U.S. Department of Housing and Urban Development (HUD). During FY 2006-07, the <br />City of San Leandro will receive a grant in the amount of $755,414 and program income from <br />repayment of housing loans estimated at $2,637, as well as unallocated funds in the amount of <br />$178,558. <br /> <br />HOME Investment Partnership (HOME) Funds <br />HOME provides flexible funding to states and local governments for affordable housing <br />programs and activities for low income households. HOME funds can be used to acquire, <br />rehabilitate and construct affordable housing, as well as provide tenant-based assistance. The <br />City will receive $304,625 in HOME funds through the Alameda County HOME Consortium for <br />FY 2006-07 and have $1,114,907 in remaining HOME funds from previous years. <br /> <br />McKinnev Act Refunding Agreement Funds <br />As of February 2006, the City, through its Housing Finance Corporation, has approximately <br />$940,000 in McKinney Act Refunding Agreement Funds resulting from bond refunding savings <br />for an affordable housing bond the City issued in the 1980s. The refunding occurred in the early <br />1990s. Under its Housing Plan Agreement with HUD for these funds, the City must use them for <br />affordable rental or ownership housing that directly assists very low income households for a <br />period of at least 10 years. <br /> <br />HUD Section 8 Housing Voucher Program <br />The Housing Authority of Alameda County administers the BUD Section 8 Housing Voucher <br />Program for San Leandro. As of April, 2006, there are approximately 1,220 San Leandro <br />households who receive Section 8 housing vouchers. The City will support the Housing <br />Authority in its efforts to maintain the current level of vouchers for eligible San Leandrans. <br /> <br />Low-Income Housing Tax Credits (Federal) <br />Low-Income Housing Tax Credits are available through a federal allocation to the State <br />govermnent. Developers can apply to the State for an allocation, but it is a highly competitive <br />process. The tax credits are syndicated to corporations in exchange for project equity. Tax <br />credits are a large component of any affordable housing project and are a significant resource. <br /> <br />Action Plan - FY2006-07 <br />City of San Leandro <br />Page 3 <br />
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