Title
a. Amend the County's Neighborhood Stabilization Program 3 (NSP3) Action Plan to increase funding for Interim, Inc.'s Rockrose Gardens project by up to $360,231 and decrease funding for Acquisition and Rehabilitation of Single Family Dwellings for rental to households earning up to 120% of Area Median Income (AMI) by the same amount;
b. Authorize the Economic Development Director to enter into a Grant Agreement and an Amended Regulatory Agreement and Declaration of Restrictive Covenants Agreement with Rockrose Housing Corporation to recognize the additional funding.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Amend the County's Neighborhood Stabilization Program 3 (NSP3) Action Plan to increase funding for Interim, Inc.'s Rockrose Gardens project by up to $360,231 and decrease funding for Acquisition and Rehabilitation of Single Family Dwellings for rental to households earning up to 120% of Area Median Income (AMI) by the same amount;
b. Authorize the Economic Development Director to enter into a Grant Agreement and an Amended Regulatory Agreement and Declaration of Restrictive Covenants Agreement with Rockrose Housing Corporation to recognize the additional funding.
SUMMARY:
The County received a Neighborhood Stabilization Program 3 (NSP3) grant from the U.S. Department of Housing and Urban Development (HUD) in March 2011. Under the terms of the grant, all funds must be expended by March 16, 2014. The HUD Action Plan (Action Plan) for NSP3 included three eligible uses: Acquisition and Rehabilitation; Demolition; and Redevelopment. Due to the competitive marketplace, the County has been unable to identify and purchase foreclosed houses in the market place to expend all funds allocated for the Acquisition and Rehabilitation portion of the Action Plan. In order to use all funds by the deadline, it is necessary to amend the Action Plan in order to reallocate funding to the Rockrose Gardens project (Project).
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