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 $14,643.26 and decrease funding for Administration by up to $14,643.26;
b. Authorize the Economic Development Director to enter into an Amendment #2 to the Neighborhood Stabilization Program 3 (NSP3) Grant Agreement to memorialize the additional grant funding of up to $14,643.26 of NSP3 funding to Rockrose Housing Corporation.
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 $14,643.26 and decrease funding for Administration by up to $14,643.26;
b. Authorize the Economic Development Director to enter into an Amendment #2 to the Neighborhood Stabilization Program 3 (NSP3) Grant Agreement to memorialize the additional grant funding of up to $14,643.26 of NSP3 funding to Rockrose Housing Corporation
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 were to be expended by March 16, 2014. Because not all of the grant funds were expended by the end of the grant term and HUD funds are to be spent, HUD extended the deadline to do so. The County identified the Rockrose Gardens project (Project) as the best way to spend down the remaining grant funds. Therefore, it is necessary to amend the Action Plan and Grant Agreement in order to reallocate funding to the Project.
DISCUSSION:
The County's original NSP3 Action Plan included four activities: the purchase of two houses in Soledad for rental to households earning 50% of the Area Median Income (AMI); the purchase of three houses in Soledad for rental to households earning up to 120% of the AMI; assistance to Interim, Inc.'s Ro...
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