Reso 2004-065 - Laserfiche WebLink

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PART I: RESOURCES AVAILABLE RESOURCES, LEVERAGING AND MATCHING All affordable housing projects require the use of multiple funding sources, as does the provision of social services by local agencies. The City understands its role as one of the critical funding sources for all these programs and projects. The financial resources available to implement the Consolidated Plan for 2004-05 are listed by the source and category of funding. Community Development Block Grant (CDBG) and HOME funds are used to leverage additional funds and resources to address the priority needs and objectives. The financial resources are as follows: FEDERAL • The City will use the CDBG entitlement grant of $895,000 from the U.S. Department of Housing and Urban Development (HUD) and an estimated program income of $295,000 from the housin~q rehabilitation and small business loan programs, and the Davis Street land sale . • An unallocated $112,301 from prior CDBG projects will be made available for reallocation for non-social service projects during 2004-05. • The 2004-05 HOME allocation from HUD is $335,546 for housing projects, which includes $18,888 for administrative expenses. The amount is disbursed through the Alameda County HOME Consortium. In addition, a $330,000 carryover from the previous years' grants is available for implementing the housing goals formulated in the newly approved Housing Element. • The City participates in the Alameda County Mortgage Credit Certificate (MCC) Program that provides tax credits to low income first-time homebuyers. • 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 programs and Shelter Plus Care programs. • The City is within the jurisdiction of the Alameda County Housing Authority and will continue to support applications for new Section 8 rental assistance vouchers, funded through HUD. • Low Income Housing Tax Credits are available through a federal allocation to the state government. Developers can apply to the state for an allocation during several competitive rounds. 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. • Under the Internal Revenue Code, the City can become an issuer of mortgage revenue bonds for the purpose of funding affordable housing development. ' The Davis Street Land sale is expected to add a total of $520,000 to the CDBG program income, paid in two installments of $250,000 in 2003-04 and $270,000 in 2004-05. Action Plan FY2004-05 City of San Leandro Page 6