Laserfiche WebLink
<br /> Annual Action Plan <br />2024 <br />40 <br />OMB Control No: 2506-0117 (exp. 09/30/2021) <br /> <br />Explain how federal funds will leverage those additional resources (private, state and local funds), including a description of how <br />matching requirements will be satisfied <br />The City acknowledges the inherent limitations of its annual entitlement in addressing the multifaceted needs of the community. Recognizing <br />this shortfall, the City adopts a proactive approach to leverage resources effectively in pursuit of its objectives. Collaborating closely with private, <br />state, and local partners, the City endeavors to maximize the impact of its HUD CPD funds. <br />In the case of the ESG program, stringent matching requirements are imposed on sub-recipients, ensuring that funding is augmented by <br />additional resources. These requirements necessitate sub-recipients to demonstrate matching dollars both prior to funding and at each <br />quarterly invoice. To bolster ESG funds, strategic partnerships are forged with entities like the OC Collaborative, while exploring supplementary <br />funding avenues tailored to support programs addressing homelessness. This includes leveraging opportunities with resources like the Housing <br />Choice Voucher Program and HOME funds. <br />The City administration fully grasps the inadequacy of relying solely on annual entitlements and formula allocations to address its <br />comprehensive needs. Hence, it actively pursues funding partnerships capable of complementing its investments in CDBG, HOME, and ESG <br />programs. Given the persistent demand for affordable housing and vital services, the City proactively seeks additional funding streams from <br />state grants and diverse public and private entities. <br />Furthermore, matching requirements are meticulously fulfilled through a combination of eligible financial resources and in-kind services, a <br />practice the City remains committed to perpetuating. Moving forward, the City will persist in seeking both financial and non-financial matches to <br />optimize the utilization of available resources and augment the impact of its initiatives. <br />EXHIBIT 1