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 $1,290,613.00 in program income to disburse for development activities. Housing intends to avail these funds in the standing Notice of Funding Availability for developers to request through proposals.
On February 10, 2021, City Council held (1) a public hearing for public comments for Substantial Amendment No.5 to the Neighborhood Stabilization Program (NSP) 1 and NSP 3 to expand the target areas in the Action Plan as defined in Attachment A; and (2) at the conclusion of the public hearing adopted the Substantial Amendment No.5.
Approval of this item will amend the Neighborhood Stabilization Program Statement target areas to align with the Reinvestment Strategy Areas in the Comprehensive Housing Policy and Opportunity Zones.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On February 25, 2009, City Council authorized the acceptance of the NSP funds by Resolution No. 09-0530.
On June 23, 2010, City Council approved the Program Statement for NSP funds by Resolution No. 10-1671.
On February 9, 2011, City Council authorized the adoption of Substantial Amendment No. 1, by Resolution No. 11-0435.
On February 25, 2015, City Council authorized the adoption of Substantial Amendment No. 2, by Resolution No. 15-0432.
On December 9, 2015, City Council authorized the adoption of Substantial Amendment No. 4, by Resolution No. 15-2263.
On January 13, 2021, City Council authorized the adoption of Substantial Amendment No. 5, by Resolution No. 20-0118.
FISCAL INFORMATION
No cost consideration to the City.