2022 Consolidated Annual Perfprmance and Evaluation Report

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Non-HOME-assisted affordable housing is investment post-improvement property value. For those taxes,fees, bond financing as an eligible source of match will be in housing not assisted by HOME funds that would or charges given for future years,the value is the present available upon publication of the implementing regu- qualify as"affordable housing"under the HOME Pro- discounted cash value.[§92.220(a)(2)] lation early in FY 1994. gram definitions."NON"funds must be contributed to 5. Appraised Land/Real Property:The appraised value, 9. Total Match:Total of items 3 through 8. This is the a specific project;it is not sufficient to make a contri- before the HOME assistance is provided and minus total match contribution for each project identified in bution to an entity engaged in developing affordable any debt burden,lien,or other encumbrance,of land or item 1. housing. [§92.219(b)] other real property, not acquired with Federal re- 2. Date of Contribution: Enter the date of contribution. sources. The appraisal must be made by an indepen- Ineligible forms of match include: Multiple entries may be made on a single line as long as dent,certified appraiser.[§92.220(a)(3)] 1. Contributions made with or derived from Federal re- the contributions were made during the current fiscal 6. Required Infrastructure:The cost of investment,not sources e.g.CDBG funds[§92.220(b)(1)] year. In such cases,if the contributions were made at made with Federal resources,in on-site and off-site 2. Interest rate subsidy attributable to the Federal tax- different dates during the year,enter the date of the last infrastructure directly required for HOME-assisted exemption on financing or the value attributable to contribution. affordable housing.The infrastructure must have been Federal tax credits[§92.220(b)(2)] 3. Cash:Cash contributions from non-Federal resources. completed no earlier than 12 months before HOME 3. Contributions from builders,contractors or investors, This means the funds are contributed permanently to the funds were committed.[§92.220(a)(4)] including owner equi ty,involved with HOME-assisted HOME Program regardless of the form of investment the 7. Site preparation,Construction materials,Donated projects.[§92.220(b)(3)J jurisdiction provides to a project. Therefore all repay- labor:The reasonable value of any site-preparation ment,interest,or other return on investment of the con- and construction materials,not acquired with Federal 4. Sweat equity[§92.220(b)(4)] tribution must be deposited in the PJ's HOME account to resources, and any donated or voluntary labor(see 5. Contributions from applicants/recipients of HOME be used for HOME projects. The PJ,non-Federal public §92.354(b)) in connection with the site-preparation assistance[§92.220(b)(5)1 entities(State local governments),private entities,and for, or construction or rehabilitation of, affordable individuals can make contributions. The grant equiva- 6. Fees/charges that are associated with the HOME Pro- lent of a below-market interest rate loan to the project is housing. The value of site-preparation and construe- gram only, rather than normally and customarily J' eligible when the loan is not repayable to the Ps HOME tion materials is determined in accordance with the charged on all transactions or projects[§92.220(a)(2)1 account.[§92.220(a)(1)J In addition,a cash contribution PJ's cost estimate procedures.The value of donated or can count as match if it is used for eligible costs defined voluntary labor is determined by a single rate("labor 7. Administrative costs under§92.206(except administrative costs and CHDO rate")to be published annually in the Notice Of Fund- operating expenses)or under§92.209,or for the follow- ing Availability (NOFA) for the HOME Program. ing non-eligible costs: the value of non-Federal funds [§92.220(6)] used to remove and relocate ECHO units to accommo- 8. Bond Financing: Multifamily and single-family date eligible tenants,a project reserve account for re- project bond financing must be validly issued by a placements,a project reserve account for unanticipated State or local government(or an agency,instrumental- increases in operating costs,operating subsidies,or costs ity,or political subdivision thereof). 50%of a loan relating to the portion of a mixed-income or mixed-use from bond proceeds made to a multifamily affordable project not related to the affordable housing units. housing project owner can count as match. 25%of a [§92.219(c)J loan from bond proceeds made to a single-family 4. Foregone Taxes,Fees,Charges:Taxes,fees,and charges affordable housing project owner can count as match. that are normally and customarily charged but have been Loans from all bond proceeds,including excess bond waived,foregone,or deferred in a manner that achieves match from prior years,may not exceed 25%of a PJ's affordability of the HOME-assisted housing. This in- total annual match contribution.[§92.220(a)(5)] The eludes State tax credits for low-income housing develop- amount in excess of the 25%cap for bonds may carry ment.The amount of real estate taxes may be based on the over,and the excess will count as part of the statutory limit of up to 25%per year. Requirements regarding page 4 of 4 pages form HUD-40107-A(12/94)