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• Award Amount: $5,795,151 <br />• Awarded: March 2009 <br />• Direct formula allocation from U.S. Dept of Housing & Urban <br />Development (HUD) <br />• Primary Objective: stabilize the neighborhoods affected by <br />foreclosures <br />• Selected Intermediaries through Request for Proposals process <br />Requirements Actual <br />• 25% of Grant funds be • As of Sept 20, 2010: 32% <br />dedicated to 50% AMI and dedicated to 50% AMI and below <br />below <br />• 100% Obligation Deadline: • 100% Obligation Deadline met on <br />September 5, 2010 time <br />• 100% Expenditure • Currently expended 99.4% <br />Deadline: March 5, 2013 <br />Proaram Process <br />Activity Properties Expended Properties Sold <br />Low Moderate <br />Down payment 4 $104,242.51 1 3 <br />Single Family 13 $1,335,553.43 0 9 <br />Condo/Historic 20 $1,888,867.34 10 1 <br />Rental 2 $2,084,261.69 N/A N/A <br />Administration N/A $348,254.99 N/A N/A <br />Total 39 $5,761,179.96 11 13 <br />Neighborhood Stabilization Program 2 (NSP 2) <br />• Award Amount: $10,000,000 <br />• Awarded: January 2010 <br />• Competitive grant allocation from U.S. Dept of Housing & Urban <br />Development (HUD) <br />• 480 applicants <br />• 56 Grantees awarded Nationwide; 15 Local governments <br />• Primary Objective: stabilize the neighborhoods affected by <br />foreclosures <br />• Deadlines: <br />• 50% of grant Expended by February 2012 <br />• 100% of grant Expended by February 2013 <br />Progress by Activity <br />CITY COUNCIL MINUTES 10 SEPTEMBER 20, 2010 <br />1 0A-10