Consolidated Plan Amendment #16 Neighborhood Stabilization Program

Neighborhood Stabilization Program (NSP)  March $9,030,385 “…stabilize communities that have suffered foreclosures…”  18 Months to obligate funding (Sept 2010) “use or lose”  115% obligated as of 7/10

County Allocation of NSP Funding  $5,669,750 - Purchase, rehabilitate and resale of foreclosed single family homes  $2,257,596 - (Mandated 25% set-aside) Purchase, rehabilitate and rent foreclosed multi-family housing to 50% AMI households  $200,000 - Property demolition  $903,039 - Program administration and management

Current Accomplishments  Purchased 45 single family homes $5,752,595 Sold 30 homes  25% Set-aside Purchased 43 unit apartment complex $1,980,000  Demolition 2 units demolished  Administration $276,096 expended

Recommendation #1  Rescind reallocation of NSP on June 15, 2010 for potential second multi- family acquisition.  Second site did not materialize.

Recommendation #2  Approve the reallocation of $1,029,157 of NSP Program Income to complete rehabilitation of acquired 43-unit apartments.

Recommendation #3  Change allowable rents from 30% of tenant income to published HOME Rents.  Maintains lower rents and provides a minimum rent from an established standard.

Recommendation #4  Authorize CDD to execute all documents related to amendment activities