Reso 2003-103 - Laserfiche WebLink

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PART 1. RESOURCES AVAILABLE Financial Resources The following financial resources are available to implement the 2003-2004 Plan. They are listed by the type of source of the funding: FEDERAL • The City will use the FY 2003/2004 CDBG allocation of $915,000 from the U.S. Department of Housing and Urban Development plus an estimated $330,000 in program income from the housing rehabilitation and small business loan programs and the Davis Street land sale. • The 2003-2004 HOME allocation of $353,589 from HUD disbursed through the Alameda County HOME Consortium plus the $405,217 remaining from prior years' grants is available to implement the housing goals in the newly approved Housing Element. • The City participates in the Alameda County Mortgage Credit Certificate 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 San Leandro homeless in their application for funding under the annual SUPER NOFA, issued by the U.S. Department of Housing and Urban Development for supportive housing programs and shelter plus care programs. • The City is within the jurisdiction of the Alameda County Housing Authority. The City will continue to support applications for new Section 8 rental assistance vouchers. Funding comes from the U.S. Department of Housing and Urban Development. • 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. The City supports the current application by Citizens Housing for the Surf Apartments rehabilitation. • Under the Internal Revenue Code, the City can become an issuer of mortgage revenue bonds for the purpose of funding affordable housing development. Under the regulations, at least 20% of the units must be affordable to families at below 50% of the median family income (MFI) or 40% of the units affordable to families at below 60% of the MFI. However, the City can negotiate any amount allowed for income levels and rent levels that would be restricted in exchange for issuing the tax-exempt bonds. STATE Under Proposition 46 passed by California voters last year, there is $2.3 billion to fund a variety of housing programs. The money will be disbursed by the Department of Housing and Community Development over afive-year period. All Action Plan FY2003 City of San Leandro Page 5