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�.q - ZZ <br /> households with large families, elderly, or persons with other special needs, including <br /> homeless persons, persons with HIV/AID's, frail elderly, and persons with disabilities, as <br /> well as maintaining affordable housing for special needs populations. <br /> '� his Program Description provides a summary of how the City of Redwood City expects <br /> to use its 2004/2005 HOME Inv�stment Partnership funds allocation to assist the <br /> identified target populations. The City will use 15% of its HOME allocation (plus <br /> matching funds) to assist a local CHDO. Approximately 10% of the allocation will be <br /> used for overall program administration. The remaining 75% of the HOME allocation will <br /> be used to acquire sites for affordable housing production or preserve affordable <br /> housing for low and very low-income households who are elderly, disabled, or have <br /> special needs. <br /> PROPOSED USE OF 2004 HOME FUNDS <br /> The City of Redwood City proposes to use its 2004 HOME Investment Partnerships Act <br /> allocation of $462,282 to meet needs identified in the Consolidated Plan. Unfortunately, <br /> no proposals were received for HOME funds; therefore, the Committee recommended <br /> that the balance of the entitlement be targeted for the production of affordable housing <br /> units (acquisition of an affordable housing site, acquisition and rehabilitation of <br /> affordable housing). <br /> Seventy five percent of the Ciry's HOME funds will be used exclusively to leverage <br /> Redevelopment Agency Housing Funds and private funds to preserve affordable <br /> housing developments for low and very-low-income households. This proposed use of <br /> funds meets Priority #'s 1 of the City's Consolidated Plan by targeting resources for site <br /> acquisition or acquisition rehabilitation to allow for the expansion of the number of <br /> affordable housing units. <br /> Funds are proposed to be distributed according to the following categories: <br /> Category Home $'s Rental Owner CHDO Match <br /> Units Units 25% <br /> Pro ram Administration $ 46,228 N/A N/A N/A $11,557 <br /> Ac uisition Homeowner $0 $0 $0 N/A $0 <br /> Ac uisition/New Construction $346,712 $0 $0 N/A $86,678 <br /> Mod/Substantial Rehabilitation $0 $0 $0 N/A $0 <br /> Other Rehabilitation CHDO $69,342 10 $0 $69,34 $17,336 <br /> Totai $462,282 $0 $0 $69,34 $115,571 <br /> 2 <br />