Laserfiche WebLink
Federal NSP <br />November 17, 2008 <br />Page 4 <br />will help stabilize neighborhoods <br />redevelopment of urban land. <br />4. Demolition of blighted structures. <br />and encourage re -use or <br />5. Redevelopment of demolished or vacant properties to be used for a <br />public purpose and /or new construction. <br />Funds may be used to benefit households with incomes up to 120 percent <br />of area median income, but a minimum of 25 percent of these funds, or <br />$1,448,787, must be spent on activities benefitting very low- income <br />households (50 percent AMI). <br />In order to receive its funds, the City must adopt a Substantial <br />Amendment to its 2008 -2009 Consolidated Plan Annual Action Plan (Exhibit <br />2). The Annual Action Plan is the document whereby the City formally <br />applies to HUD for its annual federal grant allocations (CDBG, HOME, <br />ESG, and HOPWA) and describes how those grant funds will be used. <br />The proposed NSP programs, budgets, target goals and locations are <br />listed below. The program guidelines are identified in Exhibit 3. <br />Prog. <br />Program <br />Budget <br />Goal <br />Location <br />No. <br />(# of <br />Homes) <br />1 <br />Downpayment Assistance <br />Priority <br />Program <br />$400,000 <br />20 <br />Area <br />Acquisition and <br />2 <br />Rehabilitation - <br />Priority <br />Single Family Homes <br />$2,015,636 <br />40 <br />Area <br />Acquisition and <br />3 <br />Rehabilitation - <br />Condominiums and <br />Historic Homes <br />$700,000 <br />10 <br />Citywide <br />Acquisition and <br />4 <br />Rehabilitation - <br />Rental Housing <br />$1,800,000 <br />24 <br />Citywide <br />CDBG <br />5 <br />Eligible <br />Redevelopment <br />$300 000 <br />1 <br />census <br />n/a <br />Admin <br />$579,515 <br />n/a <br />Tracts <br />Total NSP Grant <br />$5,795,151 <br />ED� <br />