3A Public Hearing 2009 0406 - Laserfiche WebLink

Home

ATTACHMENT A PARTICIPATING PUBLIC JURISDICTION JOINT AGREEMENT TO PARTICIPATE IN THE NEIGHBORHOOD STABILIZATION PROGRAM THIS PUBLIC PARTICIPATING JURISDICTION JOINT AGREEMENT ("Agreement"), is made and entered into as of this T" day of , 2009, between the Cities of Livermore, Alameda, Berkeley, Fremont, San Leandro and the Union City, (collectively referred to as the "Participating Public Jurisdictions" and "Parties"). On July 30, 2008, the United States Congress passed the_Housing and Economic Recovery Act of 2008 ("HERA"). Among the Act's numerous provisions is the Neighborhood Stabilization Program ("NSP"), which is expected to provide $3.9 billion nation-wide in funds to state and local governments to purchase abandoned and foreclosed homes and residential property. The NSP is intended to rejuvenate neighborhoods and communities affected by the foreclosure crisis through the renovation and rehabilitation of those homes, the elimination of blight and the reinvigoration and stabilization of the affected neighborhoods. Specifically, the funds allocated by the NSP can be used for the following purposes: 1. Purchase and rehabilitate homes to sell, rent or redevelop; 2. Create land banks for homes that have been foreclosed upon; 3. Demolish blighted structures; 4. Redevelop demolished or vacant properties; and, 5. Establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties. As part of the funding permitted under NSP, the United States Department of Housing and Urban Development ("HUD") allocated $145,071,506 to the State of California ("NSP Grant Funds"). Consistent with HUD's guidelines, California must target the NSP Grant Funds toward the areas of greatest need, identified as those having the following conditions: 1. The greatest percentage of home foreclosures; 2. The greatest percentage of homes financed by a subprime mortgage related loan; and 3. Likely to face a significant rise in the rate of home foreclosure. The California Department of Housing and Community Development ("HCD") is responsible for administering and implementing the NSP in California and distributing•the State NSP Funds to eligible communities. HCD amended California's 2008-2009 Annual Plan Update of the 2005-2010 Consolidated Plan, as provided for in HERA for the allocation and distribution of the NSP Grant funds. HCD adjusted the State NSP Fund allocation by the State's general administrative funds ($7,253,575), and by the anticipated costs for the 25% of funds reserved for households at or below 50% of area median income ($38,176,712) reducing the amount of available NSP Grant Funds for Tier 1 and 2 jurisdictions to $99,641,219 ("State NSP Funds"). The California NSP is to be administered consistent with its Community Development Block Grant ("CDBG") Entitlement Program Regulations, except as they are inconsistent or modified by the HUD.