File #: 12-870    Name: NSP3 Loan Docs
Type: BoS Agreement Status: Passed
File created: 9/10/2012 In control: Board of Supervisors
On agenda: 9/25/2012 Final action: 9/25/2012
Title: a. Approve the Acquisition and Rehabilitation Loan Agreement, Acquisition and Rehabilitation Promissory Note and Deed of Trust for the County’s Neighborhood Stabilization Program 3; b. Authorize the Interim Director of Economic Development or the Director of Economic Development to make minor changes to the loan documents as necessary to implement the program; and c. Authorize the Interim Director of Economic Development or the Director of Economic Development to execute the loan documents.
Attachments: 1. Acquisition Loan Agreement, 2. Acquisition Promissory Note, 3. Deed of Trust, 4. Completed Board Order
Title
a. Approve the Acquisition and Rehabilitation Loan Agreement, Acquisition and Rehabilitation Promissory Note and Deed of Trust for the County’s Neighborhood Stabilization Program 3;
b. Authorize the Interim Director of Economic Development or the Director of Economic Development to make minor changes to the loan documents as necessary to implement the program; and
c. Authorize the Interim Director of Economic Development or the Director of Economic Development to execute the loan documents.

Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the Acquisition and Rehabilitation Loan Agreement, Acquisition and Rehabilitation Promissory Note and Deed of Trust for the County’s Neighborhood Stabilization Program 3;
b. Authorize the Interim Director of Economic Development or the Director of Economic Development to make minor changes to the loan documents as necessary to implement the program; and
c. Authorize the Interim Director of Economic Development or the Director of Economic Development to execute the loan documents.

SUMMARY:
The County received a $1,284,194 grant from the U.S. Department of Housing and Urban Development (HUD) to increase the supply of affordable rental housing in the County through the federal Neighborhood Stabilization Program. Previously through the State, the County was the recipient of NSP1 funding as well as the beneficiary of NSP2 funding. The recommended action will allow the County to begin purchasing homes through the Neighborhood Stabilization Program 3 (NSP3).

DISCUSSION:
The NSP3 program was established to help stabilize neighborhoods whose vitality has been damaged by the economic effects of foreclosure and abandonment. In February 2012, the Board of Supervisors approved the County’s NSP3 Action Plan, which provides for NSP3 funds to be used for a project and a program. The project will assist very-low income, psychiatrically disabled individuals secure affordable rental housing through a...

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