NSP2 Application/ Public Comment Period:
Community HousingWorks wants to inform all interested citizens in the county of San Diego that the agency will be submitting an application for Neighborhood Stabilization Program 2 funds and is inviting citizen comment during a 10-day review period commencing on July 2 and ending July 11, 2009.

The application is for funds that are available from the Department of Housing and Urban Development (HUD) under the American Recovery and Reinvestment Act (ARRA) of 2009. These funds may be used in targeted areas of “greatest need” for the purpose of stabilizing neighborhoods impacted by properties that have been foreclosed upon and/or abandoned. Community HousingWorks is requesting $15,400,000 in NSP2 funds to provide financial assistance to first time homebuyers of foreclosed homes and to acquire foreclosed land for redevelopment of affordable housing. These activities will be targeted to areas within San Diego County hardest hit by foreclosures (see below). The NSP program is a component of HUD’s CDBG program and targets income-eligible beneficiaries.

Drafts of the NSP2 application are available at Community HousingWorks located at 4305 University Ave., Suite 550, San Diego, CA 92105. You may submit comments in writing to Gabe del Rio utilizing the following methods: mail; telephone (619) 282-6647; facsimile (619) 640-7119; e-mail: delrio@chworks.org

Community HousingWorks NSP1 Activities: CHW is currently administering an NSP1 funded housing assistance program on behalf of the City of Chula Vista, using the funds to make loans to income-eligible purchasers of vacant foreclosed homes.  Implementation of Chula Vista’s NSP1 loan program is just starting.

Proposed NSP2 Activities: NSP2 allows nonprofits to apply to HUD directly for funding, and encourages regional solutions to addressing the foreclosure problem. CHW proposes to apply before July 17 for a grant of $15.4 million dollars for use in clusters of high-foreclosure census tracts throughout the county  CHW will target the funds to census tracts which meet a HUD stipulated threshold for foreclosure and vacancy risk (see Census Tracts below), as well as apply additional locally determined criteria to help identify areas of  highest need and greatest potential for impact.

Activities Benefitting Households Earning up to 80% to 120% Area Median Income
CHW is requesting a total of $ 11,550,000 for down-payment/rehab loans to first-time homebuyers for acquisition of foreclosed homes, including program administration costs. CHW will make these subordinated loans under a single, countywide loan product, for use within the pre-designated, high foreclosure census tracts.   Among the local jurisdictions collaborating with CHW on this program are : Chula Vista, National City, Escondido, San Diego City and Oceanside .
Estimate:  150 homes.

Activities Benefitting Households Earning Up to 50% Area Median Income
CHW plans to use $3,850,000 of the funds for a combination of the programs listed below and related program administration costs:

• Loan Program for down-payment/rehab loans to first-time homebuyers for acquisition of foreclosed homes
• Development program to acquire, demolish and/or redevelop foreclosed or abandoned residential property in order to create affordable housing with continued affordability for at least 20 years.

Estimate:  30 – 50 homes or apartments.

Schedule:  HUD award estimated in 12/2009.  Funds are estimated to be available in 3/2010 and deployment period assumed is 24 months, through 4/2012.

Targeted Areas/ Eligible Census Tracts CHW has reviewed the data provided by HUD and found that the following census tracts qualify and may be included in our application for NSP2 funds:

Definitions:
REO = Real Estate Owned = Foreclosed Home
Affordable Rental = Rental with restricted rent price calculated to be affordable to 50% AMI households.
AMI = Area Median Income

Public Comment / Comentario de Publico:
Email: gdelrio@chworks.org
Phone: 619-282-6647 x5700
Fax: 619-640-7119 Attn: SVP Homeownership

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