Range of Approval/Disapproval Time: HUD will review for completeness and consistency with the purposes of the Act, within 45 days of receipt from a jurisdiction. Appeals: Formula allocations may not be appealed. Renewals: Every fifth year, localities submit a Consolidated Plan. Each year jurisdictions must submit an action plan and certifications. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The formula is a system of factors established to reflect a jurisdiction's need for an increased supply of affordable housing for low and very low income families. Designed by HUD to meet statutory criteria, it is based on a jurisdiction's inadequate housing supply, substandard housing, the number of low income families in housing units likely to be in need of rehabilitation, the cost of producing housing, poverty, and the relative fiscal incapacity of the jurisdiction to carry out housing activities without Federal assistance. Each jurisdiction must make matching contributions to affordable housing throughout a fiscal year in an amount not less than 25 percent of the HOME funds drawn from the U.S. Treasury during the federal fiscal year for projects. Jurisdictions in fiscal distress receive full or partial (50 percent) relief from this requirement. Length and Time Phasing of Assistance: Grant funds are drawn down from the U. S. Treasury based upon individual project development progress. The
|
