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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.
If appropriate, describe publicly owned land or property located within the jurisdiction that may be used to address the needs
identified in the plan
N/A
Discussion
The Newport News Redevelopment and Housing Authority (NNRHA) is participating in the Department of Housing and Urban Development’s (HUD)
Rental Assistance Demonstration (RAD) Program. The RAD program is a demonstration of the effectiveness of changes to long-standing regulations
in the public housing program proposed in order to hopefully preserve existing public housing projects which continue to deteriorate after years of
declining operating and capital subsidies.
A variety of funding sources (including local and state HOME monies, FHA financing, Federal Home Loan Bank monies, NNRHA resources and public
housing funds) will be needed to undertake RAD program planning and the very costly renovations on these projects. The utilization of HOME
Program monies will be used to facilitate the renovations of the public housing complexes in the City of Newport News. This work would be
undertaken in connection with HUD’s Rental Assistance Demonstration Program (RAD) as a prerequisite to the subsequent conversion of these
properties from the public housing program to the more stable funding platform of the Section 8 Program.
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