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2009-27130 ResoRESOLUTION NO. 2009-27130 A RESOLUTION OF THE MAYOR AND THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER TO SUBMIT AN APPLICATION FOR FUNDING, IN THE AMOUNT OF $17,300,000, PURSUANT TO NOTICE OF FUNDING AVAILABILITY (NOFA) FOR THE NEIGHBORHOOD STABILIZATION PROGRAM 2 (NSP2) UNDER THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 ISSUED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD), FOR ELIGIBLE STRATEGIES TO BENEFIT LOW TO MODERATE INCOME HOUSEHOLDS; IN CONJUNCTION WITH THE FUNDING APPLICATION, AUTHORIZING THE CITY MANAGER TO EXECUTE A CONSORTIUM AGREEMENT WITH MBCDC, CARRFOUR SUPPORTIVE HOUSING, INC., AND MIAMI-DADE AFFORDABLE HOUSING FOUNDATION, INC. (AS REQUIRED BY THE NSP2 GRANT APPLICATION); AND FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL APPLICABLE DOCUMENTS FOR SUBMISSION TO HUD WHEREAS, on May 4, 2009, the U.S. Department of Housing and Urban Development (HUD) issued its Notice of Fund Availability (NOFA) for Neighborhood Stabilization Program 2 (NSP2) funds under the American Recovery and Reinvestment Act (ARRA) of 2009, which announced the availability of $1.93 billion to address problems associated with concentrations of foreclosed, vacant, and abandoned homes; and WHEREAS, NSP2 grantees have the opportunity to apply for funds to develop programs that are responsive to local real estate market conditions; there are five (5) eligible uses of NSP2 funds; and WHEREAS, it is in the City's best interest to apply for NSP2 funding for establishment of financing mechanisms for purchase of foreclosed homes; purchase and rehabilitation of abandoned or foreclosed homes; and redevelopment of vacant or demolished property; and WHEREAS, in forming a recommended course of action for the application, the Administration considered the main requirements for eligible applicants, which requires applicants to have demonstrated capacity and experience in carrying out a program of NSP2-eligible activities; and WHEREAS, HUD will only consider an applicant to have achieved this threshold if the applicant demonstrates sufficient organizational capacity relevant to each NSP2 activity that is proposed to be carried out; and WHEREAS, at its meeting on June 17, 2009, the Neighborhoods/Community Affairs Committee unanimously recommended that the City partner with Miami Beach Community Development Corporation (MBCDC) to bring a $15 million NSP2 application for consideration by the City Commission at its July 15, 2009 meeting; and WHEREAS, HUD subsequently informed City staff that the City does not meet the NSP2 application 75-unit threshold requirement for organizational capacity in each activity which the City proposed to carry out; and WHEREAS, the Administration (and MBCDC) reached out to Carrfour Supportive Housing Inc. (Carrfour) and Miami-Dade Affordable Housing Foundation, Inc. to determine whether these entities would be interested in applying, along with the City and MBCDC, for NSP2 funds; and WHEREAS, a formal application showing the planned use of the funding is due to HUD by July 17, 2009; and WHEREAS, in order to meet HUD's application deadline, the Administration recommends forming a Consortium (i.e. the NSP2 application defines a consortium as two or more private or public non-profit organization, which may include a local government, that effectively have the capacity and experience to carry out the proposed NSP2 activities in the target geographic area, and that enter into an agreement to submit a single application for NSP2 funding); and WHEREAS, in this case, the proposed Consortium would include (as its members) the City, MBCDC, Carrfour and Miami-Dade Affordable Housing Foundation, Inc., with the City designated as the lead applicant (i.e. the lead applicant defined by the NSP2 application as the entity that will submit the NSP2 funding application and, if selected for funding, execute the NSP2 agreement with HUD and assume the responsibility for the grant on behalf the Consortium); and WHEREAS, the NSP2 application requires the Consortium members to submit a Consortium Agreement in conjunction with submittal of the NSP2 application; and WHEREAS, accordingly, the Administration request that the Mayor and the City Commission authorize the City Manager to submit the application for NSP2 funds; execute the Consortium Agreement which is required to be submitted with the application; and execute any other applicable documents for submission of the NSP2 application to HUD. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby authorize the City Manager to submit an application, for funding pursuant to the Notice of Funding Availability for the Neighborhood Stabilization Program 2 (NSP2) under the American Recovery and Reinvestment Act of 2009 issued by the U.S. Department of Housing and Urban Development, in the amount of $17,300,000, for eligible strategies to benefit low to moderate income households; authorize the City Manager to 2009-27130 execute a Consortium Agreement with MBCDC, Carrfour, and Miami-Dade Affordable Housing Foundation, Inc., to be submitted in conjunction with the NSP2 application; and further authorize the City Manager to execute all applicable documents for submission to U.S. HUD Passed and adopted this 15th day of July , 2009. M OR ATTEST: 1~ a.~ Matti Herrera Bower CITY CLERK Robert Parcher APPROVED AS T4 FORM & LANGUAGE ~ FOR ExEC~ LION q-c~-6~ "'6a'~e- COMMISSION ITEM SUMMARY Condensed Title: A resolution authorizing the City Manager or his designee to submit an application for funding pursuant to HUD NOFA for Neighborhood Stabilization Funds 2 for eligible strategies to benefit low to moderate income households; and authorizing the formation of a consortium for application and program implementation purposes. Key Intended Outcome Supported: Increase access to workforce or affordable housing. Supporting Data(Surveys, Environmental Scan, etc.): Based on the 2007 Customer Satisfaction Survey, affordable housing was a concern for 82% of those surveyed. Issue Shall the City form a consortium for application and implementation purposes, and apply for $17,300,000 of HUD NSP2 funds for eligible uses under the American Recovery and Reinvestment Act of 2009? ~. item 5ummaryrrtecommenaation: On May 4, 2009, the Department of Housing and Urban Development (HUD) issued its Notice of Fund Availability (NOFA) for Neighborhood Stabilization Program 2 (NSP2) funds under the American Recovery and Reinvestment Act (ARRA) of 2009, which announced the availability of $1.93 billion to address problems associated with concentrations of foreclosed, vacant, and abandoned homes. Unlike NSP1's formula allocation, the funding for NSP2 is available through a competitive application process due to U.S. HUD's Washington office by no later than July 17, 2009. There are five eligible uses of NSP funds (both 1 st and 2"d round): a) establishment of financing mechanisms for purchase of foreclosed homes; b) purchase and rehabilitation of abandoned or foreclosed homes; c) land banking of foreclosed homes; d) demolition of blighted structures; and e) redevelopment of vacant or demolished property. HUD considers "Demonstrated Organizational Capacity" to include having successfully carried out and completed eligible activities involving at least 75 units of housing (such as housing counseling, or acquisition/disposition of housing, or rehabilitation of housing as part of a neighborhood stabilization, land banking, or community development program) within the 24-month period immediately preceding the date of the NOFA (May 4, 2009). An applicant has achieved this threshold if they demonstrate sufficient organizational capacity relevant to each NSP2 activity that is proposed (listed as (a) to (e) above). As the City is not a direct developer of housing, the City can only demonstrate organizational capacity through its sub-recipient(s) or partner(s). The NOFA stipulates that an applicant's grant request must be for no less than $5 million and must have the effect of either returning a minimum of 100 abandoned or foreclosed homes back to productive use, or otherwise eliminating or mitigating their negative effects on the stability of the target geography. At the June 17, 2009, Neighborhoods/Community Affairs (NCAC) meeting, staff proffered information regarding options for forming a partnership or consortium for application and implementation purposes. Staff recommended that a partnership be formed with MBCDC to apply for $10 million in NSP2 funds in order to assist in the acquisition and rehabilitation (if needed) of 100 foreclosed or abandoned units for purchase by income-eligible households and that, in the event that an additional partner is required in order to meet the minimum threshold requirement, staff would reach out to non-profit and for-profit affordable housing developers that have previously received local (County), State or Federal affordable housing funds as an additional partner. The NCAC unanimously moved to bring this item to the July 15, 2009 meeting of the City Commission for an application in an increased application amount of $15 million to assist in further subsidizing purchase costs, ensuring that income-eligible persons would qualify and remain capable of covering maintenance and other assessment costs. HUD subsequently confirmed that we do not meet the 75-unit threshold requirement for organizational capacity in each activity which we propose to carry out. Staff and MBCDC reached out to Carrfour Supportive Housing, Inc. (Carrfour), who has developed affordable housing on Miami Beach who advised that they are willing and able to applying through a City application process. The Miami-Dade Affordable Housing Foundation, Inc. was contacted by MBCDC and agreed to join the City's application process. Furthermore, while staff proposed focusing on two of five the eligible uses, a third use - redevelopment or demolished or vacant properties as housing --and an additional funding request in the amount of $2,300,000 has been introduced into the application request. As HUD has not indicated that there is a maximum application amount, this additional funding requestwas determined to assist in adding additional units to be assisted to the application, in projects that can be completed within the time allotted and serve low-income (eligible) persons. Therefore, in order to meet the NSP2 application threshold, a Consortium comprised of the City of Miami Beach as lead applicant, MBCDC, Carrfour Corporation (Carrfour) and the Miami-Dade Affordable Housing Foundation, Inc. (MDAHF) is being formed to apply for NSP2 funding in the amount of $17,300,000, in three activities, as reflected in the following: M ~M. I ~ E~ H ,~GENQA ITEM rl l ~~~ DATE 7 NSP2 Miami Beach Consortium Program Summary Performance Goals Funding Allocations Eligible Activity Units Fundin Responsibility (a) Financing Mechanisms 65 $ 6,600,000 For home buyer activities. Soft seconds, other eligible loans, and housing counseling services. Services to be provided by MBCDC and/or MDAHF. (b) Acquisition, Rehab, 15 $ 3,000,000 Purchase and rehabilitate homes and residential properties in order Rental -Multi-Family to sell or rent. Services to be provided by MBCDC or Carrfour. (b) Acquisition, Rehab, 20 $ 3,900,000 Purchase and rehabilitate residential properties in order to sell or Rental- Scattered Site rent. Services to be provided by MBCDC. (e) Redevelopment of 73 2,070,000 Eligible rehabilitation and preservation activities for vacant Vacant Property: Allen; properties. Services to be provided by MBCDC. Meridian Administrative Costs $ 1,730,000 To be administered by City as Lead Member, and distributed equitably. Total 173 $17,300,000 Advisory Board Recommendation: On June 17, 2009, the Neighborhood /Community Affairs Committee recommended that the City form a partnership or consortium and apply for NSP2 funds. Financial Information: Source of Funds: Amount Account A roved 1 OBPI Total Ci Clerk's Office Le islative Trackin ,Anna Parekh Sian-Offs: ~ti De artment Director ss' Ci M na r i Mana AP JMG r:WGENDA12009Uu1arch 18\Regular\NSP Application FINAL summary.doc m MIAMIBEACH City of Miami Beath, 1700 Convention Center Drive, Miami Beach, Florida 33139, veww.miamibeachfl.gov COMMISSION MEMORANDUM TO: Mayor Matti Herrera Bower and Members of the City Commission FROM: Jorge M. Gonzalez, City Manager DATE: July 15, 2009 SUBJECT: A RESOLUTION OF THE MAYOR D THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO SUBMIT AN APPLICATION FOR FUNDING PURSUANT TO A NOTICE OF FUNDING AVAILABILITY FOR THE NEIGHBORHOOD STABILIZATION PROGRAM 2 ("NSP2") UNDER THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 ISSUED BY THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT IN THE AMOUNT OF $17,300,000 FOR ELIGIBLE STRATEGIES TO BENEFIT LOW TO MODERATE INCOME HOUSEHOLDS; AUTHORIZING THE FORMATION OF A CONSORTIUM FOR APPLICATION AND PROGRAM IMPLEMENTATION PURPOSES; AND FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL APPLICABLE DOCUMENTS FOR SUBMISSION TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ADMINISTRATION RECOMMENDATION Adopt the resolution. BACKGROUND On May 4, 2009, the Department of Housing and Urban Development (HUD) issued its Notice of Fund Availability (NOFA) for Neighborhood Stabilization Program 2 (NSP2) funds under the American Recovery and Reinvestment Act (ARRA) of 2009, which announced the availability of $1.93 billion to address problems associated with concentrations of foreclosed, vacant, and abandoned homes. A copy of the NOFA was provided with the Committee Memorandum to the Neighborhoods/Community Affairs Committee (NCAC) for the committee's consideration on June 17, 2009. As was discussed at NCAC, unlike NSP1's formula allocation, the funding for NSP2 is available through a competitive application process. Applications for NSP2 funds must be delivered to U.S. HUD's Washington office by no later than Friday, July 17, 2009. Eligible Uses of Funds Similar to the NSP funding, NSP2 grantees have the opportunity to apply for funds to develop programs that are "responsive to local real estate market conditions." Similarly, there are five eligible uses of NSP funds (both 1 St and 2nd round). Those uses are: (a) establishment of financing mechanisms for purchase of foreclosed homes; (b) purchase and rehabilitation of abandoned or foreclosed homes; (c) land banking of foreclosed homes; (d) demolition of blighted structures; and (e) redevelopment of vacant or demolished property. All NSP2 funds must provide a benefit to households whose income does not exceed 120 percent of Area Median Income (AMI). However, 25 percent of NSP2 funds must be reserved for very-low income households (whose incomes do not exceed 50 percent of AMI). The 2009 Miami-Dade County AMI has been determined to be $50,800 by the Florida Housing Finance Corporation. In order for a household to qualify as moderate-income (earning up to 120% of AMl), atwo-person household may earn up to $64,680; and afour-person household may earn up to $80,880. Avery-low income two-person household may earn Page 2 of 5 NSP2 Application up to $26,950; and query-low income four-person household may earn up to $33,700. Applicant Eligibility Requirements In forming a recommended course of action for the application, the Administration considered the main requirements for eligible applicants, which requires the applicant to have demonstrated capacity and experience in carrying out a program of NSP2-eligible activities. Eligible applicants include: state governments, local governments, not-for-profit organizations, a consortium of not-for-profit organizations, and for-profit organizations as part of a team with other eligible applicants. The threshold requirements more specifically delineate what level of capacity and experience the City would need to demonstrate to be eligible for funding. As specified in the criteria, HUD considers "Demonstrated Organizational Capacity" to include having successfully carried out and completed eligible activities involving at least 75 units of housing (such as housing counseling, or acquisition/disposition of housing, or rehabilitation of housing as part of a neighborhood stabilization, land banking, or community development program) within the 24-month period immediately preceding the date of the NOFA (May 4, 2009). HUD will only consider an applicant to have achieved this threshold if the applicant demonstrates sufficient organizational capacity relevant to each NSP2 activity that is proposed to be carried out (listed as (a) to (e) above). As the City is not a direct developer of housing but, rather, contracts with non-profits developers and program providers, the City can only demonstrate organizational capacity through its sub-recipient(s) or partner(s). In order to meet the minimum threshold requirements, the City's applicable housing activities within the 24- month period between May 4, 2007, and May 4, 2009, does not suffice as, unfortunately, the most recent City investment in affordable housing acquisition that would exceed the 75-unit requirement (the Barclay, The London and the Allen House), occurred four days before the 24-month threshold established by HUD. HUD has confirmed that their 24-month window is firm and that they will not consider anything completed prior to that date. In addition to the demonstrated organizational requirement, the NOFA stipulates that an applicant's grant request must be for no less than $5 million and must have the effect of either returning a minimum of 100 abandoned or foreclosed homes back to productive use, or otherwise eliminating or mitigating their negative effects on the stability of the target geography. This is a threshold factor for consideration of any application. The final threshold factor is Geographic Need. Geographic Need is determined by the application of two foreclosure related needs scores at the Census Tract level (based on the estimated number and percentage of foreclosures) and another that combines estimated foreclosure rate with vacancy rate. Both need scores were provided by HUD and rank need from 1 to 20, with 20 being census tracts with the HUD- estimated greatest need. Scoring Criteria HUD will use scoring criteria that looks at six (6) factors with different point values. These factors are as follows: Factor 1 -Need /Extent of the Problem (40 points) comprised of • Target geography (10 points; also a threshold factor) • Market conditions and demand factors (30 points); includes meeting the income characteristics of households in our target geography and information on housing cost burden for households at the 50 percent, 80 percent, and 120 percent of area median income levels Factor 2 -Demonstrated Capacity of the Applicant and Relevant Organizational Staff (40 points) • Past experience of the applicant within the last 24 months (30 points) • Management structure (10 points) Factor 3: Soundness of approach (45 points) • Proposed Activities (15 points) • Project Completion schedule (5 points) • Income targeting for 120 percent and 50 percent of median (5 points) • Continued affordability (5 points) Page 3 of 5 NSP2 Application • Consultation, outreach, communications (5 points) • Performance and monitoring (10 points) Factor 4 -Leveraging other funds, or removal of substantial negative effects (10 points) Factor 5 -Energy efficiency improvement and sustainable development factors (10 points) Factor 6 -Neighborhood transformation and economic opportunity (5 points) • Applicant's grant request must be for no less than $5 million and must have the effect of either returning a minimum of 100 abandoned or foreclosed homes back to productive use or otherwise eliminating or mitigating their negative effects on the stability of the target geography. Timin Similar to most HUD-funded programs, the NSP2 application process requires a public comment period, publication of an advertisement in the target geography, and a posting of the intended use of NSP2 funds on the City's website. For the NSP2, the public comment period is only ten (10) days. In light of the short timeframe provided by HUD to develop Application priorities, a referral was made at the June 3`d Commission meeting to the Neighborhoods/Community Affairs for discussion on a proposed plan of action for the application. Following the Committee's approval of the application strategy approved, an advertisement was published on June 28, 2009, and a Draft Plan for the City's application and use of NSP2 funds was made available on the City's website on July 2, 2009, the date the public comment period commenced. The public comment period closes on July 15, 2009, and any written public comments, or comments made during today's public hearing, will be submitted to HUD with the application. As of July 13th, no public comments had been received by staff. Upon HUD's approval of successful applications, which is estimated to occur by December 1, 2009, the grant funds will be available and implementation of the NSP2 program will begin. The NSP2 funds will be available for obligation by HUD until September 30, 2010. Each recipient will have two years to expend 50 percent of its allocated NSP2 funds, and three years to expend all of its allocated NSP2 funds from the time HUD signs its NSP2 grant agreement. Should funds remain unexpended, they would be subject to recapture, consistent with CDBG program rules (which the NSP program mirrors). APPLICATION STRATEGY AND PROCESS Following the May 4th program announcement, City staff began speaking with other Housing/Community Development agencies, as well as speaking with the City's only HUD-certified Community Housing Development Organization (CHDO), Miami Beach Community Development Corporation (MBCDC), to discuss options for application and implementation of NSP2 funding. The short timeline provided for applicants to determine eligibility requirements, identify possible eligible activities, identify potential partner(s) and provide for sufficient notice requirements, resulted in limited options and challenges for the City to consider in order to submit a timely application. During the June 17, 2009, NCAC meeting, staff proffered information regarding options for forming a partnership or consortium for application and implementation purposes, as the City did not believe it could meet the required minimum threshold requirements for capacity on its own (using the experience of agencies funded by the City for housing development, namely MBCDC). Staff recommended that a partnership be formed with MBCDC to apply for $10 million in NSP2 funds in order to assist in the acquisition and rehabilitation (if needed) of 100 foreclosed or abandoned units for purchase by income- eligible households. Staff stated that, in the event that an additional partner was required in order to meet the minimum threshold requirement for capacity, staff would reach out to non-profit and for-profit affordable housing developers that have previously received local (County), State or Federal affordable housing funds as an additional partner. The NCAC unanimously moved to bring this item to the July 15, 2009 meeting of the City Commission for an application in the increased application amount of $15 million. This increase was recommended to assist in further subsidizing purchase costs, thus ensuring that income-eligible persons would qualify and remain capable of covering maintenance and other assessment costs. There is no maximum application amount indicated by HUD. This application strategy was advertised for public comment. HUD subsequently informed the City that we do not meet the 75-unit threshold requirement for Page 4 of 5 NSP2 Application organizational capacity in each activity which we propose to carry out. Staff and MBCDC reached out to Carrfour Supportive Housing, Inc. (Carrfour), who has developed affordable housing on Miami Beach. Carrfour advised us that although they intend to join a consortium of Miami-Dade County-wide community development organizations which will apply at a larger area-wide level, they were also willing and able to applying through a City application process. It is essential that any potential non-profit or for-profit partner have previous experience in developing affordable housing with local, state or federal affordable housing funds, as the requirements from these affordable housing funders are typically greater and more complicated than in the general housing development process. Carrfour has extensive experience in this regard. Also, a partner with broad capability to assist in financing mechanisms and homeowner counseling and closing activities was necessary. The Miami-Dade Affordable Housing Foundation, Inc. was contacted by MBCDC and agreed to join the City's application process. While staff proposed focusing on two of five the eligible uses, a third use -redevelopment or demolished or vacant properties as housing -and an additional funding request in the amount of $2,300,000 has been included in the application strategy and request. As HUD has not indicated that there is a maximum application amount, this additional funding request was determined to assist in adding additional units to be assisted to the application, in projects that can be completed within the time allotted and serve low-income (eligible) persons. RECOMMENDATION FOR USE OF FUNDS Therefore, in order to meet the NSP2 application threshold, a Consortium comprised of the City of Miami Beach as lead applicant, MBCDC, Carrfour Corporation (Carrfour) and the Miami-Dade Affordable Housing Foundation, Inc. (MDAHF) is being formed to apply for NSP2 funding.. The Consortium's proposed strategies are summarized below: NSP2 Miami Beach Consortium Program Summary Performance Goals Funding Allocations Eli ible Activit Units Fundin Res onsibilit Financing Mechanisms 65 $ 6,600,000 For home buyer activities. Soft seconds, other eligible loans, and housing counseling services. Services to be provided by MBCDC and/or MDAHF. Acquisition, Rehab, Rental 15 $ 3,000,000 Purchase and rehabilitate homes -Multi-Family and residential properties in order to sell or rent. Services to be provided b MBCDC or Carrfour. . Acquisition, Rehab, Rental 20 $ 3,900,000 Purchase and rehabilitate residential -- Scattered Site properties in order to sell or rent. Services to be rovided b MBCDC. Redevelopment of Vacant 73 2,070,000 Eligible rehabilitation and Property -Allen; Meridian preservation activities for vacant properties. Services to be provided b MBCDC. Administrative Costs $ 1,730,000 To be administered by City as Lead Member, and distributed a uitabl . Total 173 $17,300,000 If possible, a mechanism will be identified so that condominium purchasers could, in lieu of a cash down payment, utilize the amount of cash down payment that would have been required as an escrow fund so that they would be in a position, in a year or two, to pay against any increased assessment from this escrow. This concept is being vetted at this time. Page 5 of 5 NSP2 Application The addition of funding in the application for the Meridian Place Apartments and the Allen Apartments provides an opportunity for us to obtain gap funding (Meridian) and funding for pending repairs (Allen) to quickly bring these units into service and provide affordable housing. While the Meridian has a target population of income eligible formerly homeless seniors, the Allen can assist persons earning up to 120°/0 of AMI. Should NSP2 funds be approved for these two projects, any other funding currently pending for these projects would be shifted to address funding needs in other projects currently under development that have funding gaps/needs (e.g. London conversion into 2-3 bedroom family units; Barclay rehab, etc.). Including these two projects in the NSP2 application increases the total number of units to be assisted to 173. CONCLUSION It is recommended that the Mayor and Commission approve the proposed application strategy and use of funds for the City of Miami Beach NSP2 Consortium Response to the U.S. Department of Housing and Urban Development Notice of Funds Availability, in substantially the attached form, requesting $17,300,000 of NSP2 funds; such application to; be submitted to US HUD in Washington, D.C., by Friday, July 17, 2009. JMG/HF/AP R7 -Resolutions R76 A Resolution Authorizing The City Manager Or His Designee To Submit An Application For Funding Pursuant To The Notice Of Funding Availability For The Neighborhood Stabilization Program 2 Under The American Recovery And Reinvestment Act Of 2009 Issued By The US Department Of Housing And Urban Development In The Amount Of $15,000,000 For Eligible Strategies, Including Purchase And Rehabilitation Of Abandoned And Foreclosed Properties, Establishing Financing Mechanisms, And Any Other Strategies Outlined By HUD For The Objective Of Providing Decent Housing, Suitable Living Environments, And Expanding Economic Opportunities For Low, Moderate, And Middle Income Persons; Further Authorizing The Formation Of A Partnership With MBCDC, And Any Other Necessary Partner(s) Determined By The City Manager, In Order To Meet The Minimum Threshold Requirement For Application Purposes. 12:15 p.m. Public Hearing (Real Estate, Housing & Community Development) (Memorandum 8~ Resolution to be Submitted in Supplemental) AGENDA ITEM 7~ DATE 7- ~ S-O q