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11
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 utilized federal entitlement funds and program income in conjunction with local general funds and other government grants to
implement projects and programs supported with CDBG and HOME resources. Given current economic conditions, the resources required to
adequately address housing and community service needs continue to exceed available funding. Accordingly, the City promotes collaboration
among agencies and developers to leverage funding and resources to the greatest extent possible.
HOME funds were combined with Low-Income Housing Tax Credits, permanent debt, developer contributions, and Capital Funds to develop,
preserve, and improve affordable rental housing throughout the City. Additionally, HOME funds were provided to Habitat for Humanity for the
construction of new homes for low- and moderate-income households in the Southeast Community, and to NNRHA for down payment
assistance to eligible borrowers on a citywide basis. These activities continue to support neighborhood stabilization, encourage private
investment, and contribute to the generation of new local tax revenues.
HUD funds are generally leveraged with the following resources to achieve City and HUD objectives:
•
Down Payment and Closing Cost Assistance (HOME): Enables low- and moderate-income households to obtain private mortgage
financing for home purchases. During PY 2024-2025, four households received down payment assistance.
•
CNI Ridley Transformation: Funding sources leveraged for this initiative include, but are not limited to, CNI Grant Funds, Sentara Loan
(below-market debt), Virginia Housing Low-Income Housing Tax Credits, City of Newport News contributions, NNRHA disposition
proceeds, Hampton Roads Planning District Commission funding, Virginia Department of Housing and Community Development funds,
and Virginia Housing Revitalization Grant Funds.
•
NNUDAG Loan Program (CDBG): Provides gap financing in a subordinate position to facilitate private debt financing for projects that
generate jobs for low- and moderate-income individuals. This structure is often critical to advancing projects that would not otherwise
proceed. No NNUDAG projects were funded during PY 2024–2025.
During PY 2024–2025, the Choice Neighborhoods Initiative (CNI) revitalization of the former Ridley site has continued, with work advancing
on Phases III-R and IV-R. This area, once the location of Ridley Place public housing, serves as the primary target site for CNI housing efforts.
Strategically located between 12th and 18th Streets and spanning from Jefferson Avenue to Ivy Avenue, the developments are designed to
transform the community by introducing a mix of housing options. In total, the plans call for 155 new rental units and 24 single-family homesJump to an indexed page (39 of 39)