PUBLIC NOTICE Neighborhood Stabilization Program Round 2 (NSP2)

July 6, 2009

NOTICE IS HEREBY GIVEN that a consortium of agencies, with RCAC as the lead applicant, are submitting an application for funding under the Neighborhood Stabilization Program Round 2 Program (NSP2) and to solicit citizen input on possible activities to be included in this application

The US Department of Housing and Urban Development published a Notice of Funding Availability (NOFA) on May 4, 2009, and announcing the availability of $1.93 billion for award. Eligible cities, counties, nonprofit corporations and consortiums of eligible applicants may submit applications for NSP2 funds under this NOFA. The minimum application must request $5,000,000 and assist 100 homes.   

Eligible activities under the above NOFA consist of: (A) Establish financing mechanisms

for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate-income households; (B) Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties (C) Establish land banks for homes and residential properties that have been foreclosed upon (D) Demolish blighted structures (E) Redevelop demolished or vacant properties as housing. Eligible activities paid for with NSP2 funds must benefit low and moderate income households.

RCAC anticipates submitting an application in conjunction with a consortium of nonprofit organizations to undertake all of the above activities except D. These activities will be pursued in the following states: Arizona, California, Hawaii, Nevada, Utah and Washington. (View or download census tracts.) The consortium is requesting an estimated $150 million to build new housing, acquire and rehabilitate homes and acquire vacant land for a land bank for future development. A portion of the funds requested for each activity will be available to provide financing to make the homes affordable to low- and moderate-income families.

To view or download a copy of the complete list of uses, target areas and funding requested.  Comments may be submitted via the internet to RCAC at public comments, or by mail to RCAC, 3120 Freeboard #201, West Sacramento, CA95691, attn. NSP2. In addition, information is available for review at the above addresses between the hours of 8:00 a.m. and 5:00 p.m. on weekdays.

The consortium and RCAC promote fair housing and make all programs available to low- and moderate-income families regardless of age, race, color, religion, sex, national origin, sexual preference, marital status or handicap.

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