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