2010-2014 Consolidated Plan - City of Champaign

The information collected through this citizen participation process, when combined with data from othersources as noted above, allowed the City of Champaign to set its affordable housing and communitydevelopment goals and strategies for the next year. The Neighborhood Services Advisory Board and CityCouncil then reviewed these strategies and determined which of these should be addressed in this fifthprogram year, based on the priority needs and the available resources.RESOURCESTo carry out its planned activities for FY 2010/11, the City expects to utilize the following resources:Table 1-1: FY 2010/11 Resources:Community Development Block Grant (CDBG) $835,895HOME Investment Partnerships Program $337,438HOME Administration $11,302Busey Loan Funding for Full Home Improvement Program $37,500Budgets outlining the use of these funds plus anticipated program income and carryover amounts areprovided later in this chapter. Proposed CDBG- and HOME-funded activities are described in the list ofProject Tables and the narrative below.The HOME grant is administered by the City of Urbana as lead entity of the Urbana-Champaign HOMEConsortium. The amounts listed here represent only the Champaign portion of that grant resource.Private Activity BondFor the coming year, the City of Champaign will allocate its private activity bond authority for twohomeownership programs: $3,572,505 to the Illinois Housing Development Authority (IHDA) for theMortgage Credit Certificate program, and $3,572,505 to the AssistChampaign program.Since 1993, the City has agreed to use its private bond authority (or “bond cap”) to participate in varioushomebuyer assistance programs. The City of Champaign has allocated the private activity bond tohomebuyer assistance programs over the last several years. The lending activity by year and programare displayed in Table 1-2 below:Table 1-2: Homebuyer Assistance Programs Funding Using Private Activity Bond CapLending Activity by Year and Program for the City of ChampaignProduct 2003 2004 2005 2006 2007 2008 2009 TotalIHDA 12 30 4 72 7 7 0 132Loan $ 809,099 $2,922,203 $ 343,214 $8,113,959 $942,874 $846,920 0 $13,978,269IHDA 5 10 3 20 6 19 33 96MCC$316,150 $1,013,015 $298,708 $2,043,750 $670,772 $2,079,764 $2,357,922 $8,780,081Assist 41 49 48 73 129 28 0 368$3,180,592 $4,539,960 $4,898,954 $8,057,998 $14,293,231 $3,179,184 0 $38,149,919TotalLoans$4,305,841 $8,475,178 $5,540,876 $18,215,707 $15,906,877 $6,105,868 $2,357,922 $60,908,269*Bond issued Feb 2006 **Bond issued Aug 2005 ***Partial funding from 2002 carryover92 FY 2010/11 Annual Action Plan: Resources, Barriers, and Program Requirements