Reso 2009-053 - Laserfiche WebLink

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PART I. RESOURCES This section provides a brief description of the federal, State, local, and private resources available to implement the City's FY 2009-10 Action Plan. FEDERAL CommunityDevelopment Block Grant (CDBG Funds As a CDBG entitlement locality, the City of San Leandro directly receives CDBG funds annually from the U.S. Department of Housing and Urban Development (HUD). During FY 2009-] 0, the City of San Leandro will receive a grant in the amount of $720,922. Program income from repayment of housing loans and unallocated funds are both estimated to be $0. [Note: The projected CDBG allocation from the American Recovery and Reinvestment Act of 2009 is $195,836. However, HUD has yet to release its guidelines on the use of these additional CDBG funds.] HOME Investment Partnership (HOME) Funds HOME provides flexible funding to states and local governments for affordable housing programs and activities for low-income households. HOME funds can be used to acquire, rehabilitate, and construct affordable housing, as well as provide tenant-based assistance. The City will receive $294,019 in HOME funds through the Alameda County HOME Consortium for FY 2009-10 and projects having $428,859 in remaining HOME funds from previous years. Section 108 Loan Guarantee Pro ram The City is preparing to submit its application for $2.5 million to the HUD Section 108 Loan Guarantee Program to provide necessary financing for the completion of the City's new senior center. The Section 108 Program provides CDBG entitlement cities and counties with a source of financing for economic development, housing rehabilitation, public facilities, and large-scale physical development projects in their communities that are guaranteed by their current and future CDBG funds. HUD Section 8 Housing Voucher Program The Housing Authority of Alameda County administers the HUD Section $ Housing Voucher Program for San Leandro. As of January 2009, there are approximately 1,293 San Leandro households who receive Section 8 housing vouchers. The City will support the Housing Authority in its efforts to maintain the current level of vouchers for eligible San Leandrans. Low-Income Housing Tax Credits (Federal) Low-Income Housing Tax Credits are available through a federal allocation to the State government. Developers can apply to the State for an allocation, but it is a highly competitive process. The tax credits are syndicated to corporations in exchange for project equity. Tax credits are a large component of any affordable housing project and are a significant resource. Continuum of Care SuperNOFA As part of the Homeless Continuum of Care Council, the City supports agencies serving the San Leandro homeless population in their application for funding under the annual SUPER NOFA, issued by HUD for supportive housing and Shelter Plus Care programs. Final Action Plan - FY2009-10 City of San Leandro Page 5