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NSP Agreements <br />April 6, 2009 <br />Page 2 <br />Development Corporation and C & C Development for implementation of the <br />rental housing component of the Neighborhood Stabilization Program in an <br />amount not to exceed $1,800,000, subject to non-substantive changes <br />approved by the City Manager and City Attorney. <br />DISCUSSION <br />On January 15, 2009, we were notified that our application for the <br />Neighborhood Stabilization Program (NSP) was approved by the U. S. <br />Department of Housing and Urban Development (HUD) in the amount of <br />$5,795,155. The application identifies the Priority Area (Exhibit 1) and <br />explains the programs to be implemented with the NSP funds and has been <br />available on the City's website since November 2008. In its application, <br />the City proposed the creation of five separate programs and indicated <br />that three of the five would be implemented by qualified intermediaries <br />acting on the City's behalf. These three programs and their budgeted <br />amounts are as follows: <br />Program Budget <br />Acquisition and Rehabilitation - $2,015,636 <br />Single Family Homes <br />Acquisition and Rehabilitation - $700,000 <br />Condominium and Historic Program <br />Acquisition and Rehabilitation - $1,800,000 <br />Rental Housing <br />On January 30, 2009, the City released a Request for Proposals (RFP) <br />soliciting proposals for implementation of these three programs. Notice <br />of the RFP's availability was mailed to 157 firms on the Housing <br />Department's database. It was also noticed on the City's website, in the <br />Orange County Register and through the Community Development Resource <br />Network. A total of eleven proposals for all three programs were <br />received from seven entities. Of these, ten were responsive. The <br />proposals were reviewed by a team of three staff and a financial <br />consultant. Proposals were scored in three primary areas: Lead and Team <br />Experience, Proposed Budget and Timeline, and Developer Fee. Because of <br />the strict timelines imposed by HUD, the greatest weight was placed on <br />experience in purchasing, rehabilitating and selling foreclosed <br />properties, and where applicable, on team member experience in working <br />together. The table below lists the ten responsive applicants who <br />submitted proposals and their scores. <br />25E-2 <br />