County of El Dorado - File #: 09-0730

• File #: 09-0730
• Version: 2
• Type: Agenda Item
• Status: Department Matters
• File created: 5/26/2009
• In control: Board of Supervisors
• On agenda: 6/9/2009
• Final action: 6/11/2009
• Title: Motion to reconsider and possible reconsideration of the adoption of a Resolution authorizing submittal of a 2009 Neighborhood Stabilization Program Application jointly with the City of South Lake Tahoe (City) to the California Department of Housing and Community Development for up to a $1,610,096 grant that will assist in the redevelopment of abandoned and foreclosed homes; authorize the Chairman to execute the Joint Agreement and to sign the Statement of Assurances; and, if awarded, authorize the Human Services Director to execute the subsequent grant agreement, contingent upon approval by County Counsel and Risk Management, and other grant-related documents. (Refer 6/9/09, Item 26) FUNDING: State grant funds.

Date	Ver.	Action By	Action	Result
6/11/2009	2	Board of Supervisors	Reconsidered	Pass
6/11/2009	2	Board of Supervisors	Approved	Fail
6/9/2009	1	Board of Supervisors	Denied	Pass

Title
Motion to reconsider and possible reconsideration of the adoption of a Resolution authorizing submittal of a 2009 Neighborhood Stabilization Program Application jointly with the City of South Lake Tahoe (City) to the California Department of Housing and Community Development for up to a $1,610,096 grant that will assist in the redevelopment of abandoned and foreclosed homes; authorize the Chairman to execute the Joint Agreement and to sign the Statement of Assurances; and, if awarded, authorize the Human Services Director to execute the subsequent grant agreement, contingent upon approval by County Counsel and Risk Management, and other grant-related documents. (Refer 6/9/09, Item 26)

FUNDING: State grant funds.

Body
Fiscal Impact/Change to Net County Cost:
No match is required for the 2009 Neighborhood Stabilization Program funding application.

Reason for Recommendation:
The State Department of Housing and Community Development (HCD) has received an allocation of stimulus funds from the Federal Department of Housing and Urban Development (HUD) under the new Neighborhood Stabilization Program (NSP) as authorized under Title III of Division B of the Housing and Economic Recovery Act of 2008 (HERA). A Notice of Funding Availability (NOFA) was released on April 30, 2009 with a response date no later than June 15, 2009. HCD has made available approximately $99 million, to local jurisdictions that are significantly impacted from the effects of abandoned and foreclosed homes.

To determine grant amounts for each jurisdiction, HCD established a methodology to allocate the funds based on an analysis of foreclosure rates, variable rate mortgages, vacancy rates, and other data. HCD established a minimum application threshold of $1 million. Jurisdictions that are allocated amounts below the threshold, may submit a joint application to receive funding. Through the HUD-approved allocation method, HCD determined that El Dorado County is eligible to apply ...