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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 <br />Actual <br />• 25% of Grant funds be <br />• As of Sept 20, 2010: 32 % <br />dedicated to 50% AMI and <br />dedicated to 50% AMI and below <br />below <br />1 <br />• 100% Obligation Deadline: <br />• 100% Obligation Deadline met on <br />September 5, 2010 <br />time <br />• 100% Expenditure <br />• Currently expended 99.4% <br />Deadline: March 5, 2013 <br />20 <br />Proaram Process <br />Activity <br />P' roperties <br />Expended <br />Properties Sold <br />Low Moderate,. <br />Down payment <br />4 <br />$104,242.51 <br />1 <br />3 <br />Single Family <br />13 <br />$1,335,553.43 <br />0 <br />9 <br />Condo /Historic <br />20 <br />$1,888,867.34 <br />10 <br />1 <br />Rental <br />2 <br />$2,084,261.69 <br />N/A <br />N/A <br />Administration <br />N/A <br />$348,254.99 <br />N/A <br />N/A <br />Total <br />39 <br />$5,761,179.96 <br />11 <br />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 />ii[ll_dl�� <br />