Title
Approval for the Mayor and/or City Administrator to sign a contract(s) with the selected housing partner(s) for the Neighborhood Stabilization Program (NSP1) Grant in the amount of $678,042 and approval of Budget Amendment 7323S1-06-21-10 in the amount of $678,042.
Presented by Michael Fischer, Deputy City Administrator
Body
Item Summary:
The Neighborhood Stabilization Program Grant was awarded through the State of Georgia Department of Community Affairs and is administered by Fulton County Government. A Resolution to Accept the NSP1 Grant and provide $43,279 or six percent administrative cost to Fulton County was approved by Mayor and Council on April 20, 2009. The NSP1 funds must be obligated by the City by August 20, 2010. The housing partner(s) grant funds of $678,042 must be contractually obligated by September 5, 2010. The housing partner(s) grant funds will be used for the Certified Housing Development Organization (CHDO) to purchase bank-owned foreclosed properties for rehabilitation and resale to low to moderate income families.
Committee or Staff Recommendation:
Staff recommends approval. Time constraints did not allow time for this item to go to Committee.
Financial Impact:
Budget Amendment 7323S1-06-21-10 will set up the project budget with $678,042 in Grant Revenues and $678,042 in Grant project Exependitures.
Presented by:
Danny Blitch, Grants Manager
Michael Fischer, Deputy City Administrator