1 / 14

Neighborhood Stabilization Program Round 2 - Consortia

Neighborhood Stabilization Program Round 2 - Consortia. Michelle Winters LISC. Neighborhood Stabilization Program Background. NSP 1 established in Housing and Economic Recovery Act of 2008  $3.92 billion

elle
Download Presentation

Neighborhood Stabilization Program Round 2 - Consortia

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Neighborhood Stabilization Program Round 2 - Consortia Michelle Winters LISC

  2. Neighborhood Stabilization Program Background • NSP 1 established in Housing and Economic Recovery Act of 2008  $3.92 billion • NSP 2 established in the American Recovery and Reinvestment Act of 2009  $1.93 billion • Purpose is for purchase and rehabilitation of foreclosed and abandoned properties • Purpose is NOT foreclosure prevention • Primarily targeted to families at 120% of AMI • 25% of funds must be for families at 50% of AMI • Long term affordability – at least HOME standards • Discounted purchase price requirements

  3. NSP Eligible Uses New items for NSP 2 are underlined: • Financing Mechanisms for purchase and redevelopment of foreclosed homes and residential properties • Purchase, Rehab and Resale of abandoned or foreclosed homes and residential properties • Establish and Operate Land Banks for foreclosed homes and residential properties • Demolish Blighted Structures • Redevelop demolished or vacant properties as housing

  4. Major Differences Between NSP1 and NSP2

  5. NSP 2 NOFA Requirements • Minimum of $5 million and 100 homes • Applicants must demonstrate capacity to perform proposed activities • 75 units of each type of proposed activity within prior 24 months • Geographic eligibility is deeply targeted • Average of 18 on a 1-20 needs scale

  6. NSP 2 NOFA Priorities • Revitalize target neighborhoods and reconnect with the economy, market, social networks, and metropolitan region • Rapidly arrest neighborhood decline • Assure deep targeting to 50% of AMI • Longest feasible continued affordability • Optimize economic activity and jobs • Leverage resources or remove destabilizing influences • Set aggressive and achievable goals • Ensure accountability and citizen input

  7. NSP 2 NOFA Priorities, Cont. • Coordinate planning and resources with other Federal priorities: • energy efficiency and conservation, • sustainable and transit-oriented development, • metro-wide planning and coordination, • improve public education, • improve access to healthcare.

  8. Consortia Applications • Consortia may include both public and private nonprofit entities • Governments, nonprofits, housing authorities • Applicants cannot be lead for more than one application, or in more than one application for a target geography • Government entities or HUD manage environmental reviews • Must be a single lead applicant • Execute grant agreement and assume responsibility on behalf of consortium for compliance with all program requirements • Consortia must collectively have the capacity to carry out proposed activities • Defined as having done 75 units of each proposed activity in past 24 months

  9. Consortia Applications • Single Integrated Program • Application must reflect an overall consortium program design • NOT a collection of disparate programs • Must propose a single program including: • Proposed activities and timeline • Continued affordability standards • Community outreach • Performance and monitoring • Leveraging funds • Green building and rehab standards

  10. Consortia Applications • Points awarded in application for activities that are consistent with established comprehensive, regional, multi-jurisdiction plan such as: • Transportation • Sustainable development • Economic revitalization • Floodplain management • Proposed activities must relate to and increase effectiveness of established plan for maximum points

  11. For-Profit Partners • Firm commitment required with application • All for-profit partners must be identified in application • Requires a cost analysis and a separate written agreement with each partner

  12. Consortia – Two Stage Process • Consortium Agreement submitted with the application • Signed by all members • Members must cooperatively carry out program • Authorizes lead entity • Authorizes internal audit function • Consortium Funding Agreement submitted by December 1, 2009 • Authorizes govt. members to carry out environmental reviews • Lead member enters into separate agreement with each member of consortium • Describes members’ specific activities, timetables, and other program responsibilities/compliance

  13. Bottom Line • HUD is encouraging regional applications, but it must be a truly regional program rather than a collection of local programs • Many decisions must be made prior to application – July 17th

  14. NSP 2 Process • Applications are Due July 17th • HUD will execute consortium funding agreements no later than December 1 • HUD must obligate all funds to recipients by September 30, 2010 • Recipients must expend 50% within 2 years • Recipients must expend 100% within 3 years

More Related