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Quarterly Report for Housing Division <br />Projects and Activities <br />March 7, 2011 <br />Page 4 <br />NSP 1 Program <br />The federal Neighborhood Stabilization Program (NSP) is intended to target and stabilize <br />communities hardest hit with foreclosures. To date, the City has received two NSP awards. The <br />first award (NSP 1) came through a noncompetitive process in the amount of $5,795,155. Under <br />its terms, all grant funds must be obligated by September 5, 2010, and expended by March 26, <br />2013. In addition, NSP grantees must expend at least 25% of the funds on households who are <br />very low-income. However, the City has exceeded this requirement by obligating $2.45 million or <br />42% of its grant to very low-income households. Currently, the City has expended $2.1 million or <br />32% of its funds dedicated to projects to serve very low-income households. As of the end of the <br />second quarter, the City had obligated all of its NSP 1 funds in August 2010 and had expended <br />$6,054,509.22 or 104.5%, which includes program income generated by sales. <br />NSP 1 includes the following four programs: Down Payment Assistance Program, Single-Family <br />Acquisition-Rehabilitation Program, Historic/Condominium Acquisition-Rehabilitation Program and <br />a Multifamily Acquisition-Rehabilitation Program. ANR Industries, the intermediary selected to <br />implement homeownership programs including the Single-Family and Historic/Condominium, is <br />responsible for the acquisition, rehabilitation, and resale of the foreclosed units. These homes are <br />sold to families with incomes up to 120% of the area median (AMI). As of the end of the second <br />quarter, ANR had used NSP 1 funds to acquire 33 single-family homes for rehabilitation and resale <br />to qualifying families. ANR has spent more than $3.2 million in NSP 1 funds and has leveraged an <br />additional $4.4 million in private funds to make these affordable units available. As of the end of <br />the second quarter, the following activity had occurred: <br />30 <br />Chart 3 shows the status of all 25 <br />properties purchased with NSP 1 20 <br />funds. 15 <br />10 <br />0 <br />Chart 3: NSP 1- Status of All Single Family Properties <br />Rehabilitation <br />19D-4 <br />Acquisition Under Resale Sold