3A Public Hearing 2009 0406 - Laserfiche WebLink

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PURPOSE The Participating Public Jurisdictions desire to participate in the NSP to rejuvenate neighborhoods and communities that are hardest hit by the foreclosure crisis. The Participating Public Jurisdictions recognize that as a result of the foreclosure crisis they need to cooperate and work regionally to promote affordable homeownership and rental opportunities in their respective communities and the East Bay region 'as a whole. The purpose of this Agreement is to satisfy the requirements of HCD for the Parties to participate in the NSP and to combine their respective allocations to be eligible to participate in the NSP. In addition, this Agreement is intended to identify the City of Livermore as the lead entity responsible for developing and administering a local NSP Program for the use and allocation of the Parties' combined Local NSP Funds. This Agreement is further intended to confirm the Participating Public Jurisdictions agreement that the City of Livermore shall be: the applicant to participate in California NSP program; the recipient of the State NSP Funds identified by HCD for the all the Participating Public Jurisdictions; responsible for administering and granting the Local NSP Funds to the Parties as provided in this Agreement. While this is a cooperative Agreement, it is not nor is it intended to be a joint powers agreement pursuant to the Joint Exercise of Powers Act, Chapter 5 of Division 7 of Title 1 of the California Government Code (commencing with Section 6500 et seq.) II. ACTIVITIES The Participating Public Jurisdictions shall be responsible for administering a portion of Local NSP Funds in a manner satisfactory to HCD based upon HUD's requirements, and consistent with the standards, terms and conditions imposed by California's NSP program and herein. The Participating Public Jurisdictions shall only use the Local NSP Funds to serve low-, moderate- and middle-income households for the following activities eligible under the NSP program: 1. The purchase and rehabilitation of homes to sell, rent or redevelop; 2. The creation of land banks for homes that have been foreclosed upon; 3. The demolition of blighted structures; 4. The redevelopment of demolished or vacant properties; and, 5. The establishment of financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties ("Activities"). The Participating Public Jurisdictions shall comply with the affordability conditions imposed by California's NSP program. III. CALIFORNIA'S NSP REQUIREMENTS A. Lead Entity and Subrecipient Designations. The City of Livermore is hereby designated, and accepts the designation, as the "Lead Entity" under this joint Agreement, and all other Participating Public Jurisdictions to this Agreement (i.e. the Cities of Alameda, Berkeley, Fremont, San Leandro and Union City) are hereby designated, and accept the designation, as "Subrecipients." NSP Joint Agreement Page 3