03 - QRTLY HSG DIV PROJS-ACTIVITIES

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Quarterly Report for Housing Division Projects and Activities November 15, 2010 Page 3 NSP ~ Program The federal Neighborhood Stabilization Program {NSP) is intended to target and stabilize communities hardest hit with foreclosures. To date, the City has received two NSP awards. The first award {NSP 1) came through a noncompetitive process in the amount of $5,795,'155. Under its terms, all grant funds must be obligated by September 5, 2010, and expended by March 25, 2013. In addition, NSP grantees must expend at least 25 percent of the funds on households who are very low-income. However, the City has exceeded this requirement by obligating $2.45 million or 42 percent of its grant to very low-income households. Currently, the City has expended $2.1 million or 32 percent of its funds dedicated to projects to serve very low-incame households. As of the end of the first quarter, the City had obligated all of its NSP 1 funds prior to the September 5 deadline and had expended $5,761,1$0 or 99.4 percent. NSP 1 implements the following four programs: Down Payment Assistance Program, Single- Family Acquisition-Rehabilitation Program, HistoriclCondominium AcquisitionTRehabilitation Program and a Multifamily Acquisition-Rehabilitation Program. ANR Industries, the intermediary selected to implement homeownership programs including the Single-1=amity and HistoriclCondo, is responsible for the acquisition, rehabilitation, and resale of the foreclosed units. These homes will be sold to families with incomes up to 120 percent of the area median (AMI). As of the end of the first quarter, ANR had used NSP 1 funds to acquire 33 single-family homes for rehabilitation and resale to qualifying families. Of these, 21 had been sold, with twelve being purchased by low- income families and nine by moderate-income families. Of the 12 remaining homes, three are being rehabilitated, four are far sale, and five are in escrow. ANR has spent more than $3.2 million in NSP 1 funds and has leveraged an additional $4.4 million in private funds to make these affordable units available. The partnership of OHDC and C&C Development was selected to implement the Multifamily AcquisitionlRehabilitation Program. To date, the partnership has used $1.4 million in NSP 1 funds to acquire a 14-unit multi-family property at 14'10 North Durant Street. The rehabilitation Es complete and the property is currently being leased and has eight units occupied. The partnership also used $655,000 in NSP 1 funds to acquire two vacant parcels at 605-611 East Washington Avenue on which they will construct approximately 30 affordable rental units. They are beginning the design process on this project. These units will be targeted to households at or below 50 percent of AMI.