Reso 1998-046 to 050 - Laserfiche WebLink

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Action Plan - FY1998 City of San Leandro Page 1 PART I. RESOURCES (18 point Universal Bold, underlined) FEDERAL Community Development Block Grant (CDBG) Funds: The City of San Leandro applies for CDBG funds in conjunction with the Alameda County HOME Consortium process. The funds are used for a variety of housing services to low income residents. During FY 1998-99, the City of San Leandro anticipates receiving a CDBG grant in the amount of $797,000 and program income from repayment of housing rehabilitation loans is estimated at $70,000. Home Investment Partnership Act (HOME): HOME provides flexible funding to states and local governments for affordable housing programs for low income households. HOME funds can be used to acquire, rehabilitate, finance, and construct affordable housing, as well as to provide tenant - based assistance. During FY 1998-99, the City of San Leandro will develop a multi- unit rehabilitation program of which HOME funds are expected to be the primary resource. McKinney Act Funds/McKinney Supportive Housing Program: These funds are awarded on a competitive basis for the creation of transitional and permanent housing facilities for the homeless, and operation and development of supportive housing and services, respectively. The City of San Leandro is supportive of the local nonprofit agencies applying for and receiving these funds. HUD Section 8 Rental Assistance Program: The Housing Authority of Alameda County will continue to support its applications for Federal Section 8 rental assistance Certificates and Vouchers. STATE Low Income Housing Tax Credits (Federal and State): Developers can apply to the State for an allocation of tax credits to finance low income rental housing developments. The tax credits are syndicated to corporations in exchange for project equity. California Housing Finance Agency (CHFA): CHFA provides a variety of tax-exempt bond financing for the creation and preservation of affordable housing.