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Annual Action Plan <br /> <br />37 <br />OMB Control No: 2506-0117 (exp. 09/30/2021) <br /> <br />Explain how federal funds will leverage those additional resources (private, state and local funds), including a description of how <br />matching requirements will be satisfied <br /> <br />The City receives direct entitlement grants for Federal CDBG and HOME Program funds that are used to address identified needs. <br />The City has provided rehabilitation loans to low income home owners and new construction or acquisition/rehabilitation loans to <br />developers. Program income from these loan repayments augment the CDBG and HOME grants. The City is required to match 25% <br />of its HOME funds and the City has sufficient carryover of HOME matching funds from prior year HOME projects to satisfy all HOME <br />match requirements during this planning period. <br /> <br />CDBG subrecipients will be leveraging around $7 million in other financial resources from private, state and local resources. The City <br />will utilize other financial resources from private, state and local resources. As an example, the City also provides $100,000 from the <br />General Fund annually for Human Services Financial Assistance (HSFA) to support basic human needs services. This is to increase the <br />City’s support for public services since CDBG regulations limit funding to 15 percent of the total award. <br /> <br />Section 8 funds are provided to San Mateo residents through the San Mateo County Housing Authority. McKinney-Vento Homeless <br />Assistance Act funds are managed by the San Mateo County Human Services Agency as part of the Continuum of Care, in which <br />Redwood City participates. The County of San Mateo also supports housing projects countywide with its Affordable Housing Fund <br />(AHF), HOME and CDBG funds which often are used to leverage City resources. The Housing Endowment and Regional Trust (HEART) <br />of San Mateo County is a public/private partnership whose goal is to raise funds to create affordable housing opportunities in San <br />Mateo County. Low-Income Housing Tax Credits are offered through the State. However, tax credits are becoming increasingly <br />competitive, and it often takes projects several application rounds to secure funding. The City will support developer applications for <br />tax credits and other State Housing programs as they become available for appropriate and eligible projects. The City also tracks and <br />supports legislation that promotes and increases resources for affordable housing. <br />7.A. - Page 45 of 189 <br />249