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Presented to : Children Services Council May 15, 2009

Federal Economic Stimulus Funding through PBC Dept. of Housing & Community Development. Presented to : Children Services Council May 15, 2009. American Recovery and Reinvestment Act 2009. Signed into law by President Obama on February 17, 2009

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Presented to : Children Services Council May 15, 2009

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  1. Federal Economic Stimulus Funding through PBC Dept. of Housing & Community Development Presented to :Children Services CouncilMay 15, 2009

  2. American Recovery and Reinvestment Act 2009 • Signed into law by President Obama on February 17, 2009 • Goal of creating and sustaining jobs, long-term economic benefit, and to jumpstart the economy • The Recovery Act includes $13.61 billion for projects and programs administered by the Department of Housing and Urban Development

  3. New County Resources Neighborhood Stabilization Program 1 (NSP1) Homeless Prevention & Rapid Re-Housing Program (HPRP) Community Development Block Grant Recovery Program (CDBG-R) Neighborhood Stabilization Program 2 (NSP2)

  4. NSP-1 • HUD notice published September 29, 2008 • Created to address the problem of abandoned and foreclosed properties in order to produce more affordable housing and renew neighborhoods devastated by the economic crisis • Palm Beach County was allocated $27,700,340 • Must benefit individuals at or below 120% of area median income (AMI) in areas of greatest need; except that: • 25% of all funds must be used to benefit individuals at or below 50% of AMI

  5. NSP-1Eligible Activities and Use of Funds

  6. NSP First Mortgage Program • First mortgages to eligible households (income of up to 120% of the Area Median Income AMI) to purchase and rehabilitate single residential properties which have been foreclosed upon • Maximum acquisition cost of the home (including rehabilitation) should not exceed $280,000. • $12,845,811 is available to be distributed • At least 40% of the available funds are designated to assist households whose income does not exceed 50% of the AMI • As of May 11, 2009 applicants can be added to a waiting list and will be notified of funding availability

  7. NSP Residential Redevelopment Program • Purchase and rehabilitation (if necessary) of vacant, abandoned or foreclosed upon residential properties • $5,000,000 is available to be distributed under this NOFA • Eligible Applicants include non-profit organizations, Public Agencies (including Public Housing Authorities), and Municipalities • Optional workshop on Wednesday, May 20, 2009 • Completed applications must be received by HCD on or before June 5, 2009

  8. NSP-2 • HUD notice published May 4, 2009 • Deadline to submit HUD application July 17, 2009 • Competitive process for $1.93 billion nationwide for neighborhood stabilization and for $50 million to provide technical assistance • Same eligible activities as NSP-1 and governed under NSP-1 program requirements • Minimum request of $5 million and at least 100 abandoned/foreclosed homes assisted • Target geography must be identified based on local housing market, credit, and employment needs • HUD selection of fundable applications to be provided by December 1, 2009

  9. HPRP HUD notice published March 19, 2009 Goal to either prevent individuals and families from becoming homeless or help those who are experiencing homelessness to be quickly re-housed and stabilized Palm Beach County was allocated $2,823,871 Proposed use of funds: a) $1,826,200 to provide Housing Relocation and Stabilization; b) $800,000 for Homeless Prevention Services; c) $56,477 for data collection and evaluation; and d) $141,194 for administrative costs

  10. HPRP • Households must be at or below 50% of area medium income (AMI) • Amendment due to HUD by May 18, 2009 • HUD grant agreement expected by September 1, 2009 • All funds to obligated by September 30, 2009

  11. CDBG-R • HUD notice published May 4, 2009 • Created to assist in stabilizing communities and creating jobs locally • Palm Beach County was allocated $1,846,758 • Eligible activities include all activities eligible for funding under regular CDBG • HUD strongly urges funding infrastructure activities • 70% of the funds must be used to benefit low- and moderate income persons • Application due to HUD June 5, 2009

  12. Links • www.pbcgov.org/hcd • www.hud.gov/recovery • www.recovery.gov Contact: Edward W. Lowery Elowery@pbcgov.org 561-233-3600

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