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19 <br /> AP-15 Expected Resources <br /> Introduction <br /> The Orange County HOME Consortium will receive $367,014 in 2024 HOME funds, and $28,306 in HOME <br /> Program Income for the FY 2024-2025 program year.The program year is from July 1, 2024 through <br /> June 31, 2025. <br /> Anticipated Resources <br /> Program Source of Uses of Funds Expected Amount Available Year 1 Expected <br /> Funds Amount <br /> Available <br /> Remainder of <br /> ConPlan <br /> Annual Program Total: <br /> Allocation: Income: $ <br /> HOME public- Multifamily rental <br /> federal new construction <br /> TBRA $367,014 $28,306 $395,320 <br /> Table 2-Expected Resources—Priority Table <br /> Explain how federal funds will leverage those additional resources (private, state and local <br /> funds), including a description of how matching requirements will be satisfied <br /> The Orange County HOME Consortium leverages resources, including private, state, and local funds, to <br /> fulfill and enhance the impact of federal HOME funds. For Fiscal Year(FY) 2024-2025,the estimated <br /> Match contribution is $82,578.00.This local Match represents a strategic leveraging of additional funds <br /> to augment federal investments in affordable housing projects. <br /> To meet the federal matching requirements,the total amount of local Match contributed must equal <br /> 25%of the HOME funds allocated to direct project costs.This calculation is based on 90%of the total <br /> HOME Entitlement amount awarded by the U.S. Department of Housing and Urban Development (HUD), <br /> considering that 10% is dedicated to administrative expenses.Therefore,the local Match requirement <br /> effectively translates to 25%of 90%of the total HOME funds received. <br /> The distribution of the Match amount among the jurisdictions within the Orange County HOME <br /> Consortium reflects a coordinated approach to leveraging local resources. Each jurisdiction's <br /> contribution is proportionate to its capacity and agreed upon percentage, ensuring a fair and equitable <br /> investment towards meeting the match requirements.The breakdown of the Match amount from each <br /> jurisdiction—Orange County, Chapel Hill, Carrboro, and Hillsborough—is calculated below to ensure that <br /> the collective contributions meet the federal matching requirements: <br /> • Orange County (41%): $33,857.00 <br /> • Chapel Hill (39%): $32,205.00 <br /> Annual Action Plan 16 <br /> FY 2024-2025 <br />