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Quarterly Report for Housing Division Projects and Activities <br />September 6, 2011 <br />Page 4 <br />Development Projects <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 all three NSP awards for <br />which it was eligible. The first award (NSP 1) came through a noncompetitive process in the <br />amount of $5,795,155. Under its terms, all grant funds must be obligated by September 5, 2010, <br />and expended by March 26, 2013. In addition, NSP grantees must expend at least 25% of the <br />funds on households who are very low- income. The City has exceeded all of these requirements. <br />All of its NSP 1 grant funds were obligated by August of 2010, and as of the end the fourth quarter <br />it had already expended more than $6.2 million or 107.3% of its grant amount. The amount spent <br />is greater than the grant amount because it includes program income. Finally, the City has already <br />spent $2.3 million, or 33% of all its NSP 1 funds, on projects that serve very low- income <br />households exclusively. Currently NSP 1 is only operating with program income, and these funds <br />will diminish over time. <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 fourth <br />quarter, ANR had used NSP 1 funds to acquire 34 single - family homes for rehabilitation and resale <br />to qualifying families. ANR has spent more than $3.3 million in NSP 1 funds and has leveraged an <br />additional $4.5 million in private funds to make these affordable units available. Chart 3 shows the <br />status of all properties purchased with NSP 1 funds as of the end of the fourth quarter. Table 3 <br />provides additional detail on the one property that has not yet been sold. <br />35 Chart 3: NSP 1- Status of All Single Family Properties <br />30 <br />25 <br />20 <br />15 <br />10 <br />IN <br />❑E <br />Acquisition Under Resale Sold <br />Rehabilitation <br />19E -4 <br />