Planning Department
Neighborhood Stabilization Program
The City will receive about $2.4 million for programs that help address foreclosed and abandoned properties. Click here to read more about planned activities. The City currently has funding for a downpayment assistance program and an acquisition/rehab program.
On November 12, 2008, the Council approved the NSP Plan (also know as the NSP Substantial Amendment). The Plan was approved by HUD on January 15, 2009.
The City is administering the following NSP Activities:
Reporting Progress
Recipients of NSP funds are required to report specified information to the Department of Housing and Urban Development (HUD) 30 days after the end of each calendar quarter through the Disaster Recovery Grant Reporting System (DRGR). This includes, but is not limited to a detailed list of all projects and activities for which funds were obligated or expended, an evaluation of the completion status of the project or activity, and an estimate of the number of jobs created or retained. The following are the reports that have been submitted:
Quarterly Progress Report #11 – October 1 to December 31, 2011
Downpayment Assistance Program
The City is no longer accepting applications for this program.
The City provided 15 loans to low- and moderate-income households as a downpayment on the purchase of foreclosed homes between December 2009 and July 2010. These “silent second” loans have a 3 percent “simple” interest rate that is forgiven after 30 years, and require no monthly payments. These loans to qualified first-time homebuyers helped with lower monthly mortgage payments to their senior lender, and also helped to secure conventional or FHA financing, sometimes at a lower rate.
As these homeowners sell their homes in the future, these loans will again become available to qualified first-time homebuyers. If you would like to be notified when a loan becomes available, please place your name on the Affordable Housing Interest List.
Very Low-income Acquisition/Rehabilitation/Rent or Sale Program
The City is currently working with a non-profit developer to purchase four (4) foreclosed residential properties, rehabilitate them, and rent or sale these units to very low-income households (those earning up to 50 percent of the area median income). The units will be deed-restricted to ensure they remain as affordable housing for a minimum of 55 years. The City anticipates these units will become available for rent or sale in Fall/Winter 2010. If you are interested in receiving updates of when a home becomes available, please place your name on the Affordable Housing Interest List.
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Last updated: 1/13/12 11:38 AM
