§ 12750. Matching requirements
(a)
Contribution
Each participating jurisdiction shall make contributions to housing that qualifies as affordable housing under this subchapter that total, throughout a fiscal year, not less than 25 percent of the funds drawn from the jurisdiction’s HOME Investment Trust Fund in such fiscal year. Such contributions shall be in addition to any amounts made available under section
12746
(3)(A)(ii) of this title.
(b)
Recognition
(1)
In general
A contribution shall be recognized for purposes of subsection (a) of this section only if it—
(A)
is made with respect to housing that qualifies as affordable housing under section
12745 of this title; or
(B)
is made with respect to any portion of a project not less than 50 percent of the units of which qualify as affordable housing under section
12745 of this title.
(c)
Form
Such contributions may be in the form of—
(1)
cash contributions from non-Federal resources, which may not include funds from a grant made under section
5306
(b) or section
5306
(d) of this title;
(2)
the value of taxes, fees, or other charges that are normally and customarily imposed but are waived, foregone, or deferred in a manner that achieves affordability of housing assisted under this subchapter;
(3)
the value of land or other real property as appraised according to procedures acceptable to the Secretary;
(4)
the value of investment in on-site and off-site infrastructure directly required for affordable housing assisted under this subchapter;
(6)
up to—
(A)
50 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a multifamily affordable housing project financed, and
(B)
25 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a single-family project financed,
but not more than 25 percent of the contribution required under subsection (a) of this section may be derived from these sources;
(d)
Reduction of requirement
(1)
In general
The Secretary shall reduce the matching requirement under subsection (a) of this section with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during a fiscal year by—
(2)
Definitions
For purposes of this section—
(3)
Distress criteria
For purposes of a jurisdiction other than a State certifying that it is distressed, the following criteria shall apply:
(A)
Poverty rate
The average poverty rate in the jurisdiction for the calendar year immediately preceding the year in which its fiscal year begins was equal to or greater than 125 percent of the average national poverty rate during such calendar year (as determined according to information of the Bureau of the Census).
(B)
Per capita income
The average per capita income in the jurisdiction for the calendar year immediately preceding the year in which its fiscal year begins was less than 75 percent of the average national per capita income during such calendar year (as determined according to information of the Bureau of the Census).
(4)
States
In determining the degree to which a jurisdiction that is a State is distressed, the Secretary shall take into consideration the State’s fiscal capacity and expenditure needs as determined by a national organization which compiles the relevant data.
(5)
Waiver in disaster areas
If a participating jurisdiction is located in an area in which a declaration of a disaster pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act [42 U.S.C. 5121 et seq.] is in effect for any part of a fiscal year, the Secretary may reduce the matching requirement for that fiscal year under subsection (a) of this section with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during that fiscal year by up to 100 percent.