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AP-15 Expected Resources – 91.220(c)(1,2)
Explain how federal funds will leverage those additional resources (private, state and local funds), including a description of how matching requirements
will be satisfied
The City of Newport News will make reasonable efforts to leverage financial funds from private, state and local entities to address affordable housing
goals. The HOME program requires 25% local match for any HOME funds drawn down. The City will meet its HOME match requirement through eligible
non-federal sources as identified in 24CFR 92.220. These sources include but are not limited to: cash contributions from non-federal sources, forbearance
of fees, donated real property, on-site and off-site infrastructure, value of donated or voluntary labor or professional services, value of sweat equity, direct
cost of supportive services provided to families residing in HOME-assisted units, and direct cost of homebuyer counseling services provided to families
that acquire properties with HOME funds.
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