Form Hud-40107-A Home Match Report - U.s. Department Of Housing And Urban Development Page 4
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4Non-HOME-assisted affordable housing is investment
post-improvement property value. For those taxes, fees,
bond financing as an eligible source of match will be
in housing not assisted by HOME funds that would
or charges given for future years, the value is the present
available upon publication of the implementing regu-
qualify as “affordable housing” under the HOME Pro-
discounted cash value. [§92.220(a)(2)]
lation early in FY 1994.
gram definitions. “NON” funds must be contributed to
5. Appraised Land/Real Property: The appraised value,
9. Total Match: Total of items 3 through 8. This is the
a specific project; it is not sufficient to make a contri-
before the HOME assistance is provided and minus
total match contribution for each project identified in
bution to an entity engaged in developing affordable
any debt burden, lien, or other encumbrance, of land or
item 1.
housing. [§92.219(b)]
other real property, not acquired with Federal re-
Ineligible forms of match include:
2. Date of Contribution: Enter the date of contribution.
sources. The appraisal must be made by an indepen-
Multiple entries may be made on a single line as long as
dent, certified appraiser. [§92.220(a)(3)]
1. Contributions made with or derived from Federal re-
the contributions were made during the current fiscal
sources e.g. CDBG funds [§92.220(b)(1)]
6. Required Infrastructure: The cost of investment, not
year. In such cases, if the contributions were made at
made with Federal resources, in on-site and off-site
2. Interest rate subsidy attributable to the Federal tax-
different dates during the year, enter the date of the last
infrastructure directly required for HOME-assisted
exemption on financing or the value attributable to
contribution.
affordable housing. The infrastructure must have been
Federal tax credits [§92.220(b)(2)]
3. Cash: Cash contributions from non-Federal resources.
completed no earlier than 12 months before HOME
3. Contributions from builders, contractors or investors,
This means the funds are contributed permanently to the
funds were committed. [§92.220(a)(4)]
including owner equity, involved with HOME-assisted
HOME Program regardless of the form of investment the
7. Site preparation, Construction materials, Donated
projects. [§92.220(b)(3)]
jurisdiction provides to a project. Therefore all repay-
labor: The reasonable value of any site-preparation
ment, interest, or other return on investment of the con-
4. Sweat equity [§92.220(b)(4)]
and construction materials, not acquired with Federal
tribution must be deposited in the PJ’s HOME account to
resources, and any donated or voluntary labor (see
5. Contributions from applicants/recipients of HOME
be used for HOME projects. The PJ, non-Federal public
§92.354(b)) in connection with the site-preparation
assistance [§92.220(b)(5)]
entities (State/local governments), private entities, and
for, or construction or rehabilitation of, affordable
individuals can make contributions. The grant equiva-
6. Fees/charges that are associated with the HOME Pro-
housing. The value of site-preparation and construc-
lent of a below-market interest rate loan to the project is
gram only, rather than normally and customarily
tion materials is determined in accordance with the
eligible when the loan is not repayable to the PJ’s HOME
charged on all transactions or projects [§92.220(a)(2)]
PJ’s cost estimate procedures. The value of donated or
account. [§92.220(a)(1)] In addition, a cash contribution
voluntary labor is determined by a single rate (“labor
7. Administrative costs
can count as match if it is used for eligible costs defined
rate”) to be published annually in the Notice Of Fund-
under §92.206 (except administrative costs and CHDO
ing Availability (NOFA) for the HOME Program.
operating expenses) or under §92.209, or for the follow-
[§92.220(6)]
ing non-eligible costs: the value of non-Federal funds
used to remove and relocate ECHO units to accommo-
8. Bond Financing: Multifamily and single-family
date eligible tenants, a project reserve account for re-
project bond financing must be validly issued by a
placements, a project reserve account for unanticipated
State or local government (or an agency, instrumental-
increases in operating costs, operating subsidies, or costs
ity, or political subdivision thereof). 50% of a loan
relating to the portion of a mixed-income or mixed-use
from bond proceeds made to a multifamily affordable
project not related to the affordable housing units.
housing project owner can count as match. 25% of a
[§92.219(c)]
loan from bond proceeds made to a single-family
affordable housing project owner can count as match.
4. Foregone Taxes, Fees, Charges: Taxes, fees, and charges
Loans from all bond proceeds, including excess bond
that are normally and customarily charged but have been
match from prior years, may not exceed 25% of a PJ’s
waived, foregone, or deferred in a manner that achieves
total annual match contribution. [§92.220(a)(5)] The
affordability of the HOME-assisted housing. This in-
amount in excess of the 25% cap for bonds may carry
cludes State tax credits for low-income housing develop-
over, and the excess will count as part of the statutory
ment. The amount of real estate taxes may be based on the
limit of up to 25% per year. Requirements regarding
page 4 of 4 pages
form HUD-40107-A (12/94)
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