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HomeMy WebLinkAbout3148 Resolution RESOLUTION NO. 31 r 4 A RESOLUTION APPROVING THE NEIGHBORHOOD STABILIZATION PROGRAM (NSP) WORK PLAN ALLOCATION WHEREAS, the City of Pasco has been awarded $402,141 under the Neighborhood Stabilization Program authorized under Title III of the Housing and Economic Recovery Act of 2008 (HERA) and administered by the Community Trade & Economic Development Department of the State of Washington (CTED) under US Department of Housing & Urban Development (HUD) regulations for the purpose of stabilizing neighborhoods negatively affected by foreclosures and abandoned properties; and WHEREAS, staff has prepared the Neighborhood Stabilization Program (NSP) Work Plan for activities totaling $402,141; NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO: Section 1. That the Neighborhood Stabilization Program (NSP) shall provide down payment assistance for homebuyers of foreclosed properties city-wide whose household income does not exceed 120 percent of the area median income for the Kennewick-Pasco-Richland Metropolitan Statistical Area; and Section 2. That the Pasco City Council hereby approves the Neighborhood Stabilization Program (NSP) Work Plan as follows: NSP Work Plan Housing Individuals Activity NSP Funds % NSP Units Served Down Payment Assistance $277,000 70% 21 63 Targeted at below 50%AMl $106,000 25% 16 48 Program Administration $19,141 5% TOTALS $402,141 100% 37 111 PASSED by the City Council of the City of Pasco this day of MO r , 2009 CITY OF PASCO: Joyc is Ma ATTEST: APPROVED AS TO FORM: b/q W Sandy L. K n orthy Leland B. Kerr Deputy City Clerk City Attorney