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City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2020
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051920
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5/14/2020 3:40:41 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
5/19/2020
DESTRUCT DATE
15Y
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Explain how federal funds will leverage those additional resources (private, state and local <br /> funds),including a description of how matching requirements will be satisfied <br /> To maximize leveraging of its own funds and increase the funds available for housing and community <br /> development activities,the City of Pleasanton plans to undertake the following activities: <br /> • Support applications by organizations or agencies for other public and private sources of financing <br /> to leverage City funds. <br /> • Include leveraging as a goal to the maximum extent possible in the City's HHSG funding application <br /> review process. <br /> • Support the purchase and rehabilitation and new construction of units by nonprofit housing <br /> developers. <br /> • Promote private sector rehabilitation through the City's Housing Rehabilitation Program (HRP). <br /> • Continue participation in programs to support affordable homeownership. <br /> • Continue to provide support to nonprofit, community-based housing developers and service <br /> providers in obtaining other sources of financing. <br /> • Promote joint development with other governmental or quasi-governmental agencies to implement <br /> housing community development programs and combine multiple sources of financing. <br /> Matching requirements must be satisfied in the following federal entitlement housing programs:the <br /> HOME Program and the Emergency Solutions Grant Program. A variety of non-federal sources may be <br /> used for the HOME match requirements,which requires that$0.25 be"permanently contributed"to the <br /> HOME Program or to HOME-assisted projects for every HOME dollar spent. This requirement applies to <br /> the program as a whole, not to individual projects. The liability for matching funds occurs when the <br /> HOME Consortium actually draws down HOME funds from HUD. Sources of HOME match include cash <br /> or cash equivalents from a non-federal source, value of waived taxes or fees,value of donated land or <br /> real property, a portion of housing bond proceeds, and the cost of infrastructure improvements, among <br /> others. <br /> As a member jurisdiction,the City must comply with the HOME match requirements that have been <br /> established by the County. The County will evaluate match requirements for HOME and determine <br /> potential match sources. Some match sources may come from local affordable housing trust funds, <br /> housing bond proceeds,the value of waived local fees or permits,foregone property tax revenue, local <br /> road funds, private donations,services funded by service providers,the State, County,or foundations, <br /> other local agency funds,and publicly owned land. <br /> If appropriate, describe publically owned land or property located within the state that may <br /> be used to address the needs identified in the plan <br /> Not applicable. <br /> Consolidated Plan PLEASANTON- DRAFT 35 <br /> OMB Control No:2506-0117(exp.06/30/2018) <br />
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