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91.220(c)(1)
The consolidated plan must provide a concise summary of the
federal resources (including grant funds and program income)
expected to be made available. Federal resources should
include Section 8 funds made available to jurisdictions,
Low-Income Housing Tax Credits, and competitive McKinney-Vento
Homeless Assistance Act funds, expected to be available to
address priority needs and specific objectives identified in
the strategic plan. |
| Community Development Block Grant |
|
| |
Entitlement Allocation |
$879,905 |
| |
Program Income |
92,000 |
| |
Prior Year Funds |
468,500 |
| |
Section 108 |
2,000,000 |
| HOME Investment Partnership Act |
|
| |
Entitlement Allocation |
$489,759 |
| |
Program Income |
7,000 |
| Lead-Based Paint Hazard Reduction |
955,000 |
| Total Funds for Housing and Community
Development |
$4,892,164 |
The city also anticipates that approximately
$10 million in Low Income Housing Tax Credits, $8 to $9 million in
Section 8 resources, and $766,163 in McKinney-Vento Homeless
Assistance Act funds will be available to address needs and
objectives identified in the Action Plan. (These are not resources
that the city receives or controls.)
|
91.220(c)(2)
Other resources. The consolidated plan must indicate
resources from private and state and local sources that
are reasonably expected to be made available to address
the needs identified in the plan. The plan must explain
how federal funds will leverage those additional
resources, including a description of how matching
requirements of the HUD programs will be satisfied.
Where the jurisdiction deems it appropriate, the
jurisdiction may indicate publicly owned land or
property located within the jurisdiction that may be
used to address the needs identified in the plan . . . |
Overall, the city expects to leverage $54
million in
state, local, private and other federal resources for its CDBG-
and HOME-funded activities. Each funded activity identifies the
budgeted amount of leveraged funding for that program or project
in Table 3C.
The city will meet or exceed the requirement
that “contributions must total not less than 25% of funds drawn
from the jurisdiction’s HOME Investment Trust Fund Treasury
account in that fiscal year,” excluding funds drawn for
administrative and planning costs pursuant to 24 CFR 92.207.
Sources of matching funds include, but are not limited to,
Vermont Housing and Conservation Trust Fund, Burlington Housing
Trust Fund, waiver of impact fees, and private debt financing
secured by property owners and nonprofit organizations.
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91.220(l)(iv)
The plan shall identify the estimated amount of CDBG
funds that will be used for activities that benefit
persons of low- and moderate-income. |
The city anticipates that 100% of its CDBG
resources this year will be spent to benefit low- and
moderate-income residents.
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