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Leveraging
Explain how federal funds leveraged additional resources (private, state and local funds), including a description of how matching
requirements were satisfied, as well as how any publicly owned land or property located within the jurisdiction that were used to
address the needs identified in the plan.
The City leveraged its federal funds and program income with City general funds and grants from other government sources to undertake projects and
programs awarded with CDBG and HOME funds. With the changing economy, the resources required to fully address housing and service needs of some
communities far exceed the funds available. As such, the city encourages agencies and developers to collaborate, partner and leverage funding and
resources wherever possible. HOME funds were leveraged with Low Income Housing Tax Credits, permanent debt, developer contributions and Capital
Funds to develop, preserve and improve affordable rental housing properties throughout the City. In addition, HOME funds continued to be used by
Habitat for Humanity for the construction of new homes for low- and moderate-income families in the City’s Southeast Community as well as NNRHA
providing down payment assistance to borrowers city-wide. This private investment continues to encourage new commercial investment and the
generation of new tax revenue to the locality.
Below are the types of resources HUD funds are generally leveraged with to attain City and HUD stated goals and outcomes:
● Leveraged funding sources including down payment and closing cost assistance provided through the HOME program, enable low- and
moderate-income purchasers to secure private money mortgages to acquire available homes citywide. During the 2023-2024 program year, a
total of three (3) households received down payment assistance.
● Funding sources being utilized to complete the CNI Ridley Transformation include, but not limited to the following: CNI Grant Funds, Sentara
Loan - Below Market Debt, VA Housing Low Income Housing Tax Credits, City of NN, NNRHA Disposition Proceeds, Hampton Roads Planning
District Commission Funding, VA Department of Housing and Community Development Funds and VA Housing Revitalization Grant Funds.
● The CDBG-funded NNUDAG loan program facilitates private debt financing for projects meeting job generating prerequisites for low- and
moderate-income individuals by providing gap financing in a secondary position to make such transactions possible. This ability and willingness
to assume an inferior position on projects is the primary ingredient to encourage leverage in these instances and oftentimes is the only way in
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