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2016 HOME Program
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2016 HOME Program
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Leveraging <br /> ' Explain how federal funds leveraged additional resources (private, state and local funds), <br /> including a description of how matching requirements were satisfied, as well as how any <br /> publicly owned land or property located within the jurisdiction that were used to address the <br /> ' needs identified in the plan. <br /> ESG match dollars come from a variety of sources including private donations,volunteer labor, and <br /> United Way grants. HOME match dollars come from private donations,volunteer labor, land donations <br /> and waived fees/taxes. <br /> ' In 2016 the City of South Bend's Community Homebuyers Corporation (CHC) provided $237,014 of CDBG <br /> funds in the form of forgivable mortgage subsidies to twelve (12) families, enabling them to become <br /> homeowners. These subsidies were leveraged with $1,024,080 in private mortgage funding. CDBG <br /> provides the mortgage subsidy of 20%, not to exceed $19,000 of the purchase price of a home, and local <br /> lenders represented on the CHC board pool their funds to provide the remaining dollars. CHC offers <br /> ' financing to clients that are usually not conventionally lendable. Pre- and post-purchase counseling <br /> required for the mortgage subsidy program is a major contributing factor to its success. <br /> Rebuilding Together(formerly known as Christmas in April) has aided homeowners in various <br /> neighborhoods throughout the community since 1989. Rebuilding Together has built a strong <br /> ' relationship with the City of South Bend, local trades, the higher education community and the business <br /> community, allowing the program to grow stronger and more efficient every year. In 2016, Rebuilding <br /> Together completed home repairs for 17 households in the Rum Village neighborhood of South <br /> ' Bend. Rebuilding Together expended $134,181 in CDBG funds and it is estimated that donated labor <br /> and materials added $96,960 and contractor discounts an additional $xxx to the project. <br /> Fiscal Year Summary—HOME Match <br /> ' 1. Excess match from prior Federal fiscal year 2,719,773 <br /> 2. Match contributed during current Federal fiscal year 394,281 <br /> 3.Total match available for current Federal fiscal year(Line 1 plus Line 2) 3,114,054 <br /> 4. Match liability for current Federal fiscal year 202,193 <br /> 5. Excess match carried over to next Federal fiscal year (Line 3 minus Line 4) 2,911,861 <br /> Table 5—Fiscal Year Summary-HOME Match Report <br /> CAPER 11 <br /> OMB Control No:2506-0117(exp.07/31/2015) <br />
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