NEIBORHOOD STABLIZATION PROGRAM – NSP 2008. Stakeholder’s Meeting. INTRODUCTIONS & WELCOME. CONGRESS PASSES H.R. 3321 KNOWN AS HOUSING and ECONOMIC RECOVERY ACT OF 2008.
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On July 26, 2008 Congress passed bill H.R. 3221 commonly referred as the Housing and Economic Recovery Act of 2008. Under this section, $3.92 billion is set aside to provide emergency assistance for the redevelopment of abandoned and foreclosed homes. Congress also indicated in the bill that the U.S. Department of Housing and Urban Development (HUD) would establish the formula allocation and fund “states and units of general local government with the greatest need, as such need is determined in the discretion of the Secretary”.
HUD RELEASES METHODOLGY FOR ALLOCATION
On September 26, HUD released their Methodology for Allocation of $3.92 billion along with the list of states and local governments who will receive the allocation and their amounts.
Louisiana’s state allocation amount is $34,183,994 Local government allocation for
Baton Rouge is $2,308,848 million and New Orleans is $2,302,208.
LHFA AND LOUISIANA OCD PARTNERS
On September 29, the Federal Register published and released HUD’s notice to implement its newly created program, Neighborhood Stabilization Program (NSP). NSP will be regulated under HUD’s existing Community and Development Planning through Community Development Block Grant (CDBG). LHFA will develop the Action Plan through OCD, who will serve as the lead and responsible entity. OCD will monitor LHFA as it implements the NSP Action Plan.BACKGROUND
ELIGIBLE ACTIVITIESUses of NSP Funding
ELIGIBLE USEUses of NSP Funding
B. Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties
ELIGIBLE USE & ACTIVTIES
E. Redevelop demolished or vacant properties
ELIGIBLE USE & ACTIVTIES
Acquisition, rehabilitation, rental, sale, conversion, construction of housing unit
Housing ActivitiesNSP Income Targeting
Grantee action plan amendment must show how grantee will comply
Final determination of actual compliance upon completion of the grant
Compliance based on dollars, not number of units25% set a side requirement
New construction or conversion
Acquisition or acquisition + rehab
Affordable rents & affordability period
Address needs in Continuum of Care25% set aside requirement
Current condition must be taken into accountRehabilitation Standards
Rehabilitation may include improvements to increase the energy efficiency of conservation of such homes and properties or provide a renewable energy source or sources for such homes and properties.Rehabilitation Standards
Grantees must maintain sufficient documentation
Maintenance of the property w/o other NSP assisted activities not considered redevelopment or rehabilitation costsSale of Homes
This includes revenue received by a private individual or other entity that is not a sub-recipient.Revenue from sale, rental project
*East Baton Rouge Baton Rouge
*Orleans New Orleans
Calcasieu Lake Charles
Iberia New Iberia
Tangipahoa Kentwood/Tangipahoa Village