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CPLC NSP2 Program

CPLC NSP2 Program. 3/21/2012. Timeline /Background. NSP – Neighborhood Stabilization Program Established for purpose of stabilizing communities hard hit by foreclosure/abandonment NSP1 NSP funds authorized under Title III of the Housing and Economic Recovery Act (HERA) of 2008

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CPLC NSP2 Program

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  1. CPLC NSP2 Program 3/21/2012

  2. Timeline /Background NSP – Neighborhood Stabilization Program Established for purpose of stabilizing communities hard hit by foreclosure/abandonment NSP1 NSP funds authorized under Title III of the Housing and Economic Recovery Act (HERA) of 2008 NSP1 provides grants to all states and local governments on a formula basis $3.92 Billion awarded to 309 grantees NSP2 NSP funds authorized under the American Recovery and Reinvestment Act (ARRA) of 2009 Provides grants to states, local governments and nonprofits under a competitive basis $1.93 Billion awarded to 56 grantees; included 33 regional consortiums and 4 National Consortiums NSP3 NSP funds authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 Provides a third round of neighborhood stabilization grants to all states and select governments on a formula basis $1.00 Billion to 270 grantees / governmental agencies NSP4??? Recapture of unexpended funds? Project Rebuild sponsored by HUD as part of Jobs Act 8/6/2014 3

  3. CPLC NSP2 Background Consortium - 13 nonprofit agencies CPLC Lead Member NALCAB subrecipient NSP2 Program 10% Administration 5 eligible activities Purchase/Rehab Resell foreclosed properties Facilitate Financing Mechanisms Redevelopment of vacant properties Landbanking Demolition of blighted structures 25% of total grant must meet LH25 National Objective Only proposed census tracts eligible for NSP2 expenditure Approximately 2100 total units to be acquired and put back via eligible use CPLC in Arizona largest funded member at $32.9Million Only member performing all five eligible activities 8/6/2014 4

  4. NSP2 NATIONAL COALITION LOCATIONS CHISPA - $3.52M Norris Square – $9.2M TRP - $13.9M CRHDC - $12.5M Mi Casa – $7.5M Del Norte - $10.3M NEW - $24.7M YES - $2.3M CPLC ($32.9M) TDS - $5.9M El Paso CUSO - $2.7M AHSTI - $2.9M CDCB - $4.5M

  5. Who’s in our Consortium?

  6. How are we Doing within our Consortium?(as of 11/07/2011)

  7. NATIONAL NSP2 HIGHLITES • CPLC/NALCAB Consortium is #1 dollar-expended NSP2 Grantee in the nation • Average market value of NSP resale single family home = 15% higher than acquisition price* • Approximately 18-19% of all jobs created to date have been Section 3 jobs • CPLC/NALCAB anticipates that approximately 1500 jobs nationwide will be created as a result of our NSP2 Program *Based on a sample size of 50 resold NSP homes

  8. Arizona Nsp2 Highlites • Average market value of NSP resale single family homes in Maricopa County = 16% and Santa Cruz County =14% higher than acquisition price* • Approximately 35% of all jobs created to date have been Section 3 jobs • CPLC/NSP2 anticipates that approximately 55 Section-3 jobs throughout AZ will be created as a result of our NSP2 Program • Currently15 Construction Contracts ranging from • $45 to $33,000 per contract

  9. Arizona NSP2: Activity Level Production 3/19/12 www.cplc.org

  10. Where have we Purchased in Arizona? • Aerial Maps show acquisitions

  11. Major Objectives 50% Expenditure has been met!! Push to 75% by February 2012 Push for National Objective Goals LH25 (Sales and rentals to very low income buyers/tenants) Section 3 / job creation 8/6/2014 15

  12. What’s Next? • CPLC through our NSP2 engagement is demonstrating a successful implementation for placing foreclosed, vacant and/or abandoned homes back into “productive” use. • CPLC is demonstrating its capability as an asset manager (responsible for disposition of foreclosed properties) • CPLC is positioning itself through its NALCAB association as a legitimate scattered site rental manager.

  13. Winston Tease and Karen Williams

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