City of Long Beach - File #: 10-0256

• File #: 10-0256
• Version: 1
• Name: CD - Neighborhood Stab Prog 2 Grant
• Type: Contract
• Status: CCIS
• File created: 2/22/2010
• In control: City Council
• On agenda: 3/9/2010
• Final action: 3/9/2010
• Title: Recommendation to authorize City Manager to execute all documents with the United States Department of Housing and Urban Development (HUD) necessary to accept the Neighborhood Stabilization Program 2 (NSP2) grant award in the amount of $22,249,980; enter into a consortium agreement with Habitat for Humanity Greater Los Angeles as required by the grant award; execute NSP2 purchase/sale agreements, loan documents and all related documents for NSP2 funded transactions; and approve an appropriations increase in the Community Development Grants Fund (SR150) in the Department of Community Development (CD). (Citywide)
• Sponsors: Community Development
• Indexes: Grant, Grant Agreement
• Related files: 32166_000, 32167_000, 32165_000, 32249_000, 32248_000, 32247_000, 32246_000, 32245_000, 32238_000, 32237_000, 31987_000, 31988_000, 31990_000, 31991_000, 31992_000, 32007_000, 32008_000, 32097_000, 32098_000, 32099_000, 32100_000, 32114_000, 32115_000, 32116_000, 32160_000, 32162_000, 32163_000, 32164_000, 32187_000, 32236_000, 32117_000, 32118_000, 32119_000, 32120_000, 32121_000, 32146_000, 32147_000, 32155_000, 32156_000, 32157_000, 32158_000, 32159_000, 32188_000, 32210_000, 32222_000, 32234_000, 32235_000, 32689_000, 32633_000, 32634_000, 32644_000, 32694_000, 32695_000, 32767_000, 32161_000, 32189_000, 32447_000, 32448_000, 32490_000, 32491_000, 32489_000, 32523_000, 32524_000, 32525_000, 32526_000, 32527_000, 32528_000, 32529_000, 32635_000, 32728_000, 32729_000, 32876_000, 32877_000, 32878_000, 32879_000, 32881_000

Date	Ver.	Action By	Action	Result
3/9/2010	1	City Council	approve recommendation	Pass

TITLE
Recommendation to authorize City Manager to execute all documents with the United States Department of Housing and Urban Development (HUD) necessary to accept the Neighborhood Stabilization Program 2 (NSP2) grant award in the amount of $22,249,980; enter into a consortium agreement with Habitat for Humanity Greater Los Angeles as required by the grant award; execute NSP2 purchase/sale agreements, loan documents and all related documents for NSP2 funded transactions; and approve an appropriations increase in the Community Development Grants Fund (SR150) in the Department of Community Development (CD). (Citywide)

DISCUSSION
As part of the American Reinvestment and Recovery Act of 2009, HUD issued a Notice of Funding Availability (NOFA) seeking applications for $1.93 billion of NSP2 funds to implement programs to stabilize neighborhoods. Applicants may consist of one or more non-profit or governmental entities applying as a consortium. A consortium funding agreement must be created with the lead applicant specifying the distribution of funds and the responsibilities of each party by the date specified in the NOFA.

In response to the NOFA the Department of Community Development as a lead governmental entity, and its partner Habitat for Humanity Greater Los Angeles (Habitat), a non-profit full service housing developer, submitted a grant application under the NSP2. A $22,249,980 grant was awarded through a highly competitive process. The award was the entire amount requested. The following are the proposed program outcomes:

· Reverse the decline of homeownership in the City by creating at least 111 new homeowner households;

· Remove, at minimum, 111 vacant residential units from foreclosure;

· Focus NSP2 resources in neighborhoods most severely impacted by vacant and foreclosed homes; and

· Create and retain several hundred construction jobs as a result of the rehabilitation of at least 111 residential properties.

Twenty-five percent of the total grant ...