8E Consent 2009 1207 - Laserfiche WebLink

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Funding Agreement for the Neighborhood Stabilization Program 2 2 December 7, 2009 funding for the Round 2 Neighborhood Stabilization Program was secured by President Obama under the American Recovery and Reinvestment Act of 2009. The Program provides targeted assistance to state and local governments to acquire and redevelop abandoned and/or foreclosed homes and residential properties that might otherwise become sources of blight within their communities. Unlike the first NSP program, NSP2 is a nationwide competitive application, requiring a minimum request of $5,000,000 and the completion of a minimum of 100 homes with the funding received. Alameda County applied for $11,000,000 for a consortium of jurisdictions including Dublin, Emeryville, Fremont, Hayward, Livermore, Newark, Pleasanton, San Leandro, Union City and the unincorporated county. Alameda County Consortium Application After review of all of the eligible HUD census tracts, the Alameda County NSP2 Consortium application was submitted for $11,000,000 and promises to complete 100 homes over a 3 year period. Funds will be administered by Alameda County, and provided to nonprofit developers to purchase, rehabilitate, and resell or rent to low and moderate income households. • Alameda County HCD would serve as the lead for purposes of submitting the application, preparing subsequent contractor selection process [including potential additional Request for Qualifications/Proposals (RFQ/RFP)] for non-profit developments to acquire and rehabilitate foreclosed properties, completing required environmental review, and entering sub-recipient agreements with non-profit developers. • A pool of non-profit developers will be selected through either the previously held RFQ/RFP process or an additional one to be conducted subsequent to award of funds, that will acquire and rehabilitate foreclosed upon properties, or vacant and abandoned properties. • 25% of the NSP2 funds must be used to serve households at very low income (50% of the Area Median Income). Units renovated at these levels will be offered as rental units. • Remainder of funds will be used to serve lower income households as first-time homeownership opportunities. • Because funds must be committed in a short time-frame (50% within 24 months) and 100 units must be completed in program, funds will be released on a first-come, first-served basis to the non-profit partners. • Non-profits will collaborate with local city staff to ensure that up-to-date foreclosure data and other local housing issues are communicated to the non-profits. • The County will execute Funding Agreements with the cities of Emeryville, San Leandro, Newark, Pleasanton, Livermore, Dublin, Fremont, Hayward, Pleasanton, and Union City. Key terms of the Funding Agreement with Alameda County include: • Alameda County HCD will serve as lead member and enter into standard agreement with HUD should the Consortium be funded; • Alameda County HCD will serve as the program manager, and operate the funds on behalf of the Consortium; • Establish a steering committee consisting of one representative from each jurisdiction to oversee the expenditure of the NSP2 funds;