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PART I. RESOURCES <br />This section provides a brief description of the federal, State, local and private resources <br />available to implement the City's FY 2005-06 Action Plan. <br />FEDERAL <br />Communit~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 2005-06, the <br />City of San Leandro will receive a grant in the amount of $844,512 and program income from <br />repayment of housing and small business loans estimated at $5,580, as well as unallocated funds <br />in the amount of $153,465. <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 $336,724 in HOME funds through the Alameda County HOME Consortium for <br />FY 2005-06 and have $796,502 in remaining HOME funds from previous years. <br />McKinney Act Refunding Agreement Funds <br />As of February 2005, the City, through its Housing Finance Corporation, has approximately <br />$912,000 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 />HUD Section 8 Housing Voucher Program <br />The Housing Authority of Alameda County administers the HUD Section 8 Housing Voucher <br />Program for San Leandro. As of February 2005, there are approximately 1,154 San Leandro <br />households who receive Section 8 housing vouchers and the City will support the Housing <br />Authority in its efforts to maintain the current level of vouchers for eligible San Leandrans. <br />Low Income Housing Tax Credits (Federal) <br />Low Income Housing Tax Credits are available through a federal allocation to the State <br />government. 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 />Action Plan - FY2005-06 <br />Giry of San Leandro <br />Page 2 <br />