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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 22, 2011 <br />TITLE: <br />NEIGHBORHOOD STABILIZATION <br />PROGRAM 3 (NSP 3) <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Recommend that the City Council: <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1" Reading <br />? Ordinance on 2"d Reading <br />? Implementing Resolution <br />? Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Approve a substantial amendment to the 2010-2011 Annual Action Plan and authorize its <br />submittal to the U. S. Department of Housing and Urban Development. <br />2. Authorize the City Manager or his designee, to execute a Neighborhood Stabilization Program <br />3 application for grant funds in the amount of $1,464,113, subsequent grant agreement and <br />other necessary documents to the NSP 3 Strategy. <br />3. Approve an Appropriation Adjustment recognizing $1,464,113 in Neighborhood Stabilization <br />Program 3 grant funds and appropriating the same. <br />4. Authorize the issuance of a Request for Proposals for program developers. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its regular meeting on February 15, 2011, by a vote of 5:0 (Bist absent), the Community <br />Redevelopment and Housing Commission approved the recommended actions. <br />DISCUSSION <br />The Dodd-Frank Act appropriated an additional $1 billion for a third round of Neighborhood <br />Stabilization (NSP 3) funds to be directly allocated to states and localities to stabilize <br />neighborhoods that have been impacted by foreclosed or abandoned properties. Under the terms <br />of the funding distribution formula established by the U. S. Department of Housing and Urban <br />Development (HUD), Santa Ana has been allocated $1,464,113. These funds may not be used to <br />assist homeowners to avoid foreclosure; rather, at minimum, the lender must have initiated the <br />foreclosure process on the property, or it has been abandoned. <br />20A-1