PUBLIC NOTICE: AMERICAN RECOVERY AND REINVESTMENT ACT NEIGHBORHOOD STABILIZATION PROGRAM 2 - ILLINOIS
Mercy Housing to apply for Neighborhood Stabilization Program 2 (NSP2) Funding under the American Recovery and Reinvestment Act of 2009
07.02.2009 –
PUBLIC NOTICE
MERCY HOUSING, INC.
AMERICAN RECOVERY AND REINVESTMENT ACT
NEIGHBORHOOD STABILIZATION PROGRAM 2
PUBLICATION DATE: JULY 4, 2009
Mercy Housing, Inc. (MHI) intends to apply for grant funds through the Neighborhood Stabilization Program 2 (NSP2) under the American Recovery and Reinvestment Act of 2009 (ARRA), on behalf of a nonprofit consortium comprised of the following members: Mercy Housing Lakefront, Mercy Housing California, Intercommunity Mercy Housing, Mercy Housing Idaho, Mercy Housing Southeast, and certain local government agencies (collectively, the “Consortium”). Any award of NSP2 funds will be administered by MHI, the lead applicant.
MHI will submit the application for NSP2 funding to the U.S. Department of Housing and Urban Development (HUD) on July 17, 2009. For information regarding ARRA, please visit www.hud.gov.
NSP2 is an allocation of funds provided under ARRA to assist in the purchase and rehabilitation of abandoned and foreclosed residential properties, for the purpose of selling, renting or redeveloping such properties. Recipients will use funds awarded under NSP2 to stabilize neighborhoods whose vitality has been and continues to be damaged by the economic effects of properties that have been foreclosed upon or abandoned. Applicants will compete for up to $1.93 billion to carry out neighborhood stabilization programs. HUD requires that all NSP2 funds benefit persons whose income does not exceed 120% of area median income. No less than 25% of the funds must be used to benefit persons at or below 50% of area median income. Qualifying income data updated March 19, 2009 may be found at: http://www.huduser.org/DATASETS/nsp.html.
Although MHI is submitting an application on a national basis, certain local communities will be targeted for NSP2 activities. Below is a summary statement of the proposed target geography, proposed budget, and proposed uses of the funds. This document has also been posted on MHI’s website at www.mercyhousing.org.
MHI will accept comments concerning this NSP2 planned program summary from July 4, 2009 through July 14, 2009. Written comments may be mailed to Deborah Hughes, MHI Public Comments, Mercy Housing, Inc., 1999 Broadway Street, Suite 1000, Denver, CO 80202 or emailed to dehughes@mercyhousing.org or faxed toll-free to: 866-746-4800. All public comments will receive a response and will be summarized and included in the NSP2 application which will be posted on MHI’s website at www.mercyhousing.org no later than July 24, 2009. This is a Fair Housing Equal Opportunity Project.
PROPOSED TARGET GEOGRAPHY
The proposed target communities include the cities of Aurora, Elgin and Saint Charles and the Village of Carpentersville in Kane County
PROPOSED FUNDING USES AND AMOUNTS
Total Amount of NSP2 Funds being applied for the above listed communities: $74,000,000.00
The proposed use of these funds will be to acquire and rehabilitate vacant and foreclosed properties; to demolish both foreclosed properties and other blighted properties; and to redevelop vacant and abandoned properties. Additionally, Mercy Housing, Inc. may provide financing to eligible buyers of properties under its program.
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