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NEIGHBORHOOD STABILIZATION PROGRAM - PART 2
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Plan |
In November 2008, the City Council approved a
resolution authorizing submission of a grant
application for Neighborhood Stabilization Program
(NSP-1) funding. This was the first round
of NSP funding. The program is currently underway.
The US Department of Housing and Urban Development (HUD)
provided a second round of
NSP funding. Unlike Round 1 funding, the application
process for Round 2 funding is
competitive. To participate in the NSP 2 the City must
submit an application to HUD by July
17, 2009. Applicants must attain a minimum score of 115
out of an available 150 points on
the 6 rating factors to be considered for NSP-2 funding.
Applicants must apply for a
minimum $5 million dollars and must address at least 100
foreclosed, vacant single family
dwellings. NSP-2 grant recipients must expend 50% of
awarded funding in two years and
must expend 100% of grant funds in three years.
The City seeks authorization to execute all necessary
applications, certifications and grant
agreements, and authorization to take all necessary and
appropriate actions to implement
the NSP upon approval by HUD. These actions include
acquiring and rehabilitating
foreclosed or abandoned homes in targeted areas; selling
acquired homes to qualified,
eligible persons; establishing financing mechanisms to
enable qualified eligible persons to
acquire foreclosed or abandoned homes; and acquiring and
demolishing foreclosed or
abandoned homes.
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Progress
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Impact |
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