3A Public Hearing 2009 0406 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2009- RESOLUTION APPROVING A JOINT AGREEMENT BETWEEN THE CITY OF SAN LEANDRO AND THE CITIES OF ALAMEDA, BERKELEY, FREMONT, LIVERMORE, AND UNION CITY FOR PARTICIl'ATION IN THE STATE OF CALIFORNIA'S NEIGHBORHOOD STABILIZATION PROGRAM Recitals WHEREAS, on July 30, 2008, the Housing and Economic Recovery Act of 2008 (H.R.3221) was signed into law. This comprehensive bill includes $3.9 billion in US Department of Housing and Urban Development (HUD) federal block grant funds to fund the Neighborhood Stabilization Program (NSP). The State of California, along with certain counties and cities, received a direct HUD allocation of $529,601,773 in NSP grant funds. Of this amount, $145,071,506 was awarded to the State to distribute to cities and counties that did not receive a direct allocation; and WHEREAS, the NSP funds will be targeted to those areas of greatest need, to address the problem of abandoned and foreclosed homes. Eligible NSP activities include: 1. The establishment of financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties, including such mechanisms as soft- seconds, loan loss reserves, and shared-equity loans for low-, moderate-, and middle-income homebuyers; 2. The purchase and rehabilitation of homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties; 3. The establishment of land banks for homes that have been foreclosed upon; 4. The demolishment of blighted structures; and