STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an amendment to Resolution No. 10-1671, previously approved on June 23, 2010, for the Neighborhood Stabilization Program Statement to amend the target areas as defined in Attachment A to align with the Comprehensive Housing Policy Reinvestment Strategy Areas and Opportunity Zones - Financing: No cost consideration to the City
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BACKGROUND
In July 2008, the Housing and Economic Recovery Act of 2008 (HERA) through the U.S. Department of Housing and Urban Development (HUD) was enacted into law. HERA appropriated $3.92 billion to assist states and localities in redevelopment efforts, particularly for foreclosed or abandoned housing properties. The Program is referred to as the Neighborhood Stabilization Program 1 (NSP 1) and is considered a Special Allocation of 2008 Community Development Block Grant Funds.
In July 2010, the HERA was amended in Section 1497 of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to add $1 billion for NSP3 to assist states and localities in redevelopment efforts for foreclosed or abandoned housing properties.
On February 25, 2009, City Council authorized the acceptance of the NSP 1 funds in the amount of $7,932,555.00. On February 9, 2011, the City of Dallas accepted its allocation of NSP 3 funds in the amount of $2,356,962.00 The Department of Housing and Neighborhood Revitalization (Housing) contracted with private developers to build single family units.
Altogether the NSP 1 and 3 programs developed 160 single family units and provided down payment assistance to 58 homebuyers. The Department of Housing and Neighborhood Revitalization (Housing) expended all funds originally awarded and currently has $1,290,613....
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