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HomeMy WebLinkAboutCity Council - 2009-29 RESOLUTION NO. 2009-29 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING AN APPLICATION FOR FUNDING AND THE EXECUTION OF A GRANT AGREEMENT AND ANY AMENDMENTS THERETO FROM THE STATE OF CALIFORNIA NEIGHBORHOOD STABILIZATION PROGRAM (NSP) WHEREAS, On July 30, 2008, the United States Congress passed the Housing and Economic Recovery Act of 2008 ("HERA"). Among the Act's numerous provisions is the Neighborhood Stabilization Program("NSP"), which is expected to provide funds to state and local governments to purchase abandoned and foreclosed homes and residential property. The NSP is intended to rejuvenate neighborhoods and communities affected by the foreclosure crisis through the renovation and rehabilitation of those homes, the elimination of blight and the reinvigoration and stabilization of the affected neighborhoods. Specifically, the funds allocated by the NSP can be used for the following purposes: 1. Purchase and rehabilitate homes to sell, rent or redevelop; 2. Create land banks for homes that have been foreclosed upon; 3. Demolish blighted structures; 4. Redevelop demolished or vacant properties; and, 5. Establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties; and The State of California has received One Hundred Forty-Five Million Dollars ($145,000,000) in NSP funding to address abandoned and foreclosed homes; and The State has announced that the City of Huntington Beach is eligible to receive up to Four Hundred Eleven Thousand One Hundred Twenty-Three Dollars ($411,123.00) in NSP funding; and The City desires to allocate Redevelopment Agency Housing Set Aside funds in the amount of One Million Fifty-Thousand Dollars ($1,050,000.00) as additional monies to fund activities authorized by this resolution; and The City of Huntington Beach considered this resolution at a public meeting that provided the public with an opportunity to review and comment on this resolution; NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby resolve as follows: 09-2055/34034 1 Resolution No. 2009-29 SECTION 1: The City Council of the City of Huntington Beach has reviewed and hereby approves an application(and its contents) for up to Four Hundred Eleven Thousand One Hundred Twenty-Three Dollars ($411,123) for the following activities: • Establish financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties, including such mechanisms as down-payment assistance; soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate income homebuyers; • Establish land banks for homes that have been foreclosed upon; • Redevelop demolished or vacant properties. SECTION 2: If any additional NSP funding becomes available at a later date,the City of Huntington Beach is authorized to apply for, and/or accept funding, up to the maximum amount available under the NSP Allocation. Any additional NSP funding will be used in accordance with funding requirements established by the State of California Neighborhood Stabilization Program. SECTION 3: The City of Huntington Beach hereby approves and directs the allocation of Redevelopment Agency Housing Set Aside funds in the amount of One Million Fifty- Thousand Dollars ($1,050,000.00)to be combined with allocated NSP funds that are received by the City. SECTION 4: The City Administrator is hereby authorized and directed to act on the City of Huntington Beach's behalf in all matters pertaining to this application. SECTION 5. If the application is approved,the City Administrator is authorized to enter into and sign the grant agreement, and any subsequent amendments thereto, with the State of California for the purposes of this grant. SECTION 6. If the application is approved, the City Administrator is authorized to sign funds requests and other required reporting forms. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 1st day of June , 2009. e Mayor REVIE A D APPROVED: INITIATED ANP APPROVED: City A&Aiistrator Director of Economic Development APPROVED AS TO FORM: 0 _"� Attorney U ©G 09-2055/34034 2 Res. No. 2009-29 STATE OF CALIFORNIA COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, JOAN L. FLYNN the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council at a regular meeting thereof held on June 1, 2009 by the following vote: AYES: Carchio, Dwyer, Bohr, Coerper, Hardy, Hansen NOES: None ABSENT: Green ABSTAIN: None .40.) y Clerk and ex-offic` Clerk of the City Council of the City of Huntington Beach, California