2006.03.20 EDA Packet - Laserfiche WebLink

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Leveraging With significant demand and limited resources for meeting low-income needs, leveraging becomes a key issue. In most cases, CDBG and HOME funds are not sufficient to fund projects in full, and, as a result, additional sources of funding will be required. CDBG and HOME dollars are used to leverage needed funding from other sources. Local government and non-profit organization contributions of cash or in-kind services and applications to federal, state, and private foundations, bring additional resources to specific CDBG projects. Leveraging for projects proposed by Washington County include the following: • The Washington County Housing and Redevelopment Authority (HRA) Red Oaks Preserve project will use an additional $1,175,000.00 in Washington County HRA funds and $1,500,000.00 from the City of Oakdale. • Two Rivers Community Land Trust Acquisition Rehabilitation project is receiving $25,000.00 from Charitable Foundations, $100,000.00 from the Metropolitan Council, and $75,000.00 from the Minnesota Finance Agency. • The City of Landfall committed $14,500.00, which represents 30% of the total project cost for the Electrical Hookups project. • Twin City Habitat for Humanity (Habitat) Bailey's Arbor project will use $940,000.00 from Habitat's general fund, $480,000.00 in private donations, and $180,000.00 in Self- help Homeownership Opportunity Program(SHOP) funds. Washington County has accessed funding through the McKinney-Vento SuperNOFA process through the Department of Housing and Urban Development (HUD) annually for the past seven years. This funding has brought in over $1.5 million for services to people experiencing chronic homelessness in Washington County. Washington County will continue to participate in this mandated HUD process to access this funding provided there is an appropriate project that fits the priorities established through the Continuum of Care process developed by the Washington County Housing Collaborative as well as the Consolidated Plan. Completing the Exhibit One Continuum of Care also provides an opportunity for agencies and citizens to apply for other funding through the state, private foundations, and other sources, as well as having a voice in the process of ending long term homelessness and the establishment of affordable housing choices. Match The HOME program requires a 25 percent (25%) non-federal match. The participants in the Dakota County Consortium, which currently has accumulated excess match for HOME funds, meet this collectively. Washington County will contribute to the match requirement by encouraging applicants to bring additional non-federal funds to their HOME projects. For example, the Twin Cities Habitat for Humanity Bailey's Arbor project will be granted HOME funds for our 2006 project year. HOME funds are only 12% of the total development budget for the Bailey's Arbor project, with a total $1,540,000.00 coming from non-federal sources. 4