Agenda - 04-01-1992 - Laserfiche WebLink

Browse Search

C. Matching funds and repayment of any costs or penalties. 1. Program does not require matching funds for this year's funds (FY 91 -92 funds); however, the Act does authorize matching funds to be required and future years may require some matching of HOME funds. 2. Based on information we have received from HUD and natinnA housing organizations, the proposed future matching requirement will probably be equal to 25% of the amount of funds requested from the HOME program. Matching funds must generally be in the form of cash, land, or improvements contributed to the project that are not from any federal source. For example, CDBG funds or any other form of HUD funding cannot be used as. local matching funds. 3. Consortium members must agree on a formula for payment of the matching funds, if they are required in the future. 4. Consortium members must also agree on a formula for payment of any penalties, costs, repayments, or other funds that may be required to be paid to the State or HUD. The Staff Working Group has suggested a formula for discussion that would be based generally on relative population: Orange County, 40 %; Chapel Hill, 40 %; Carrboro, 12 %; Hillsborough, 8 %. Other criteria could be considered in the determination of this formula, such as relative annual budgets. D. Creation of a group to desi n the Program each year. 1. Must authorize a staff working group to prepare the HOME program design and application to the State for funds and to update and revise the CHAS as needed. For this year, the Staff Working Group listed above prepared the initial CHAS and proposed program design. 2. All local governments must approve the CHAS update and program design each year. 3. Must provide for a public participation mechanism. 4. Must direct the working group to design the program in a way that will address housing needs in all participating jurisdictions. E. Other Provisions. 1. Must affirmatively further fair housing. 2. Must assure that all housing projects funded will be consistent with the CHAS. 3. May not contain a provision for termination or withdrawal by any party to the agreement for at least the initial term specified (three to five years). II. Each Participating Jurisdiction must adopt an Authorizing Resolution that: A. Approves participation in the consortium. B. Authorizes the Manager to execute the consortium agreement. C. Authorizes the Manager of the Lead Entity to submit a funding application under the State Consortium Program.