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FY 2024-25 Annual Action Plan and Budgets for CDBG, HOME and ESG Programs <br />May 7, 2024 <br />Page 6 <br />4 <br />2 <br />1 <br />2 <br />United Cerebral Palsy Association of OC dba Unlimited <br />Possibilities – Safety Net Fund $80,000 <br />WISEPlace – Steps to Independence $80,000 <br />TOTAL $1,442,416 <br />HOME Investment Partnerships Grant Program Budget <br />The HOME Investment Partnerships (HOME) program provides funds for a wide range of <br />housing-related activities including building, buying, and/or rehabilitating affordable <br />housing for rent or homeownership, or providing direct tenant-based rental assistance to <br />low-income residents. The program’s flexibility allows HOME funds to be used for grants, <br />direct loans, loan guarantees or other forms of credit enhancements, or tenant-based <br />rental assistance or security deposits. <br />At least 15% of HOME funds must be set aside for specific activities to be undertaken by <br />a special type of nonprofit called a Community Housing Development Organization <br />(CHDO). A CHDO is a private nonprofit, community-based organization that has staff <br />with the capacity to develop affordable housing for the community it serves. In order to <br />qualify for designation as a CHDO, the organization must meet certain requirements <br />pertaining to their legal status, organizational structure, and capacity and experience. <br />The City’s anticipated HOME allocation for FY 2024-25 is $1,605,667. The proposed <br />Annual Action Plan for the HOME Program consists of the FY allocation, program income, <br />and prior year HOME resources. The large carryover of prior year resources ($8,649,795) <br />is due to the lengthy development process for affordable housing developments. Staff <br />has also been seeking proposals for affordable homeownership opportunities with the <br />current balance of funds. <br />In this Annual Action Plan, funds are proposed for program administration, the required <br />set-aside for CHDOs, and funds for affordable housing development and rehabilitation. <br />2024 HOME Program Budget <br />General Activity Funding Amount <br />HOME Program Administration $160,567 <br />HOME CHDO Set-Aside $240,850 <br />Affordable Housing Development and Rehabilitation $1,204,250 <br />Prior Year Resources $8,649,795 <br />TOTAL $10,255,462 <br />The FY 2024-25 HOME Program Funding Plan is not attached as an exhibit because <br />the funding plan is described in the table above.