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Federal NSP <br />November 17, 2008 <br />Page 4 <br />will help stabilize neighborhoods <br />redevelopment of urban land. <br />4. Demolition of blighted structures. <br />and encourage re-use or <br />5. Redevelopment of demolished or vacant properties to be used for a <br />public purpose and/or new construction. <br />Funds may be used to benefit households with incomes up to 120 percent <br />of area median income, but a minimum of 25 percent of these funds, or <br />$1,448,787, must be spent on activities benefitting very low-income <br />households (50 percent AMI). <br />In order to receive its funds, the City must adopt a Substantial <br />Amendment to its 2008-2009 Consolidated Plan Annual Action Plan (Exhibit <br />2). The Annual Action Plan is the document whereby the City formally <br />applies to HUD for its annual federal grant allocations (CDBG, HOME, <br />ESG, and HOPWA) and describes how those grant funds will be used. <br />The proposed NSP programs, budgets, target goals and locations are <br />listed below. The program guidelines are identified in Exhibit 3. <br />Prog. Program Budget Goal Location <br />No. (# of <br /> Homes) <br />1 Downpayment Assistance Priority <br /> Program $400,000 20 Area <br /> Acquisition and <br />2 Rehabilitation - Priority <br /> Single Family Homes $2,015,636 40 Area <br /> Acquisition and <br />3 Rehabilitation - <br /> Condominiums and <br /> Historic Homes $700,000 10 Citywide <br /> Acquisition and <br />4 Rehabilitation - <br /> Rental Housing $1,800,000 24 Citywide <br /> CDBG <br />rJ Eligible <br /> <br />Redevelopment <br />$300, 000 <br />1 Census <br />Tracts <br />n/a Admin $579,515 n/a n/a <br />Total NSP Grant $5,795,151 <br />80B-4 <br />