Number
080857
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving a Plan outlining the use of the Housing and Economic Recovery Act of 2008 - Neighborhood Stabilization Program (NSP) funded through the Community Development Block Grant (CDBG) Program from the U. S. Department of Housing and Urban Development through the Community Development Grants Administration (CDGA).
Body
Whereas, The City of Milwaukee has been allocated $9,197,465 from the United States Department of Housing and Urban Development (HUD) through the Neighborhood Stabilization Program (NSP); and
Whereas, The Neighborhood Stabilization Program was authorized by a recently enacted Housing and Economic Recovery Act (HERA) of 2008; and
Whereas, The uses of the Neighborhood Stabilization Program funds are as follows:
· Establishment of financing mechanisms for the purchase and redevelopment of foreclosed upon homes and residential properties;
· Purchase and rehabilitation of abandoned and foreclosed homes and residential properties;
· Establishment of land banks for homes that have been foreclosed upon;
· Demolition of blighted structures; and
· Redevelopment of demolished or vacant properties; and
Whereas, The NSP is closely related to the Community Development Block Grant (CDBG) Program. HUD will implement the Neighborhood Stabilization Program by relying upon existing CDBG requirements and making appropriate adjustments to accommodate the directives of HERA; and
Whereas, The proposed Neighborhood Stabilization Program plan amendment was posted by the usual methods for no less that 15 calendar days of public comment; and
Whereas, The City of Milwaukee must fully obligate its award within 18 months of receipt of the NSP funds. All NSP funds must be expended within 4 years of receipt of those funds from HUD: now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Community Development Grants Administration (CDGA) is ...
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