Agenda Item Wording:
title
Conduct a second Public Hearing to approve and adopt the proposed U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP1) Substantial Amendment to provide an estimated $120,000 for the funding of First Time Homebuyer loans for five single-family homes constructed at NW 5th Avenue and N Court Street.
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Deadline for Action: 4/17/2023
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Margie Perez, margie.perez@visalia.city, (559) 713-4460; Melody Murch, Assistant Finance Director, melody.murch@visalia.city, (559) 713-4379; Renee Nagel, Finance Director, renee.nagel@visalia.city, (559) 713-4375
Department Recommendation:
1. Conduct a second Public Hearing, allowing a final opportunity for citizens to provide input and comment on the proposed NSP1 Substantial Amendment;
2. Adopt and appropriate the NSP1 Substantial Amendment;
3. Authorize City Manager or their designee to enter into all contracts listed in the NSP1 Substantial Amendment; and
4. Authorize City Manager or their designee to submit the NSP1 Substantial Amendment to HUD.
Background Discussion:
The Neighborhood Stabilization Program was enacted in 2008 under the Housing Economic Recovery Act (HERA) and is referred to as NSP1. NSP1 was established for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (AMI), because of the great recession of 2008. The City of Visalia received NSP1 funds in Fiscal Year 2008-2009 and has not since received any additional grant funds. Current available NSP1 funds are a result of program income generated from previous NSP1 first time homebuyer loans. The City of Visalia is nearing closeout of its Neighborhood Stabilization Program and is propo...
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