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.� 1 I ■ ■ tl H ■ �� <br /> - 7. �4- 23 <br /> � <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS <br /> The City will sst aside $69,342 (15%) of its 2004 HOME Investment Partnerships Act <br /> allocation to as:�ist Commun;ry Housing Development Organizations (CHDO's) to <br /> develop, own, or manage affoidable housing for target populations identified in the <br /> Consolidated Plan. Only one such organization qualifies countywide for this designation <br /> in Redwood City. <br /> CHDO status is based on board composition, purpose for which organized, experience <br /> in service to the community, and staff or consultant capacity to carry out housing <br /> development activities in Redwood City during the past year. CHDO's can facilitate the <br /> objectives of the HOME program and assist the City to meet its affordable housing <br /> goals by developing small, in-fill types of new construction projects for special <br /> populations; this can be achieved by acquiring, rehabilitating and managing small rentai <br /> projects with 4-10 units. Opportunities may be created with HOME funds to establish <br /> joint ventures between new CHDO's and more experienced non-profd housing <br /> development organizations. <br /> The City will assist its designated CHDO by providing technical assistance and other <br /> forms of subsidy, including preconstruction loans for specific projects, and unit-spec�c <br /> subsidies from the CHDO set aside. HOME funds allocated to Redwood City may also <br /> assist CHDO's annually at the maximum per unit subsidy allowed under HOME <br /> Program regulations. <br /> FORMS OF INVESTMENT <br /> The City of Redwood City will use some or all of the following forms of investment in <br /> carrying out the 2004 HOME Program: <br /> • Deferred payment loans <br /> • Grants <br /> • Interest subsidies <br /> • Non-interest bearing loans or advances <br /> • Interest advances <br /> • Equity investments <br /> MATCHING FUNDS <br /> Matching fund reauirements will be met through Redevelopment Housing Funds, or <br /> local general funds. While CDBG funds may not be counted toward meeting a match <br /> I <br /> re uirement the will <br /> q , y be used to leverage other sources of funds to meet HOME <br /> Program objectives. For this program year, approximately $115,571 has been allocated <br /> �. <br /> from Redevelopment Housing Funds as matching funds for the HOME funded activities. <br /> 3 <br />