Notice is hereby given that the City of Long Beach is proposing to apply for funding from the Neighborhood Stabilization Program 2 (NSP-2) under the American Recovery and Reinvestment Act (ARRA), 2009. This is a competitive grant program and the purpose of these funds is to assist in the redevelopment of abandoned and foreclosed homes. The application will be submitted to the United States Department of Housing and Urban Development (HUD) by the submission deadline of July 17, 2009.
The City proposes to apply for $22,249,980 in NSP-2 funding to be utilized in the following NSP-2 eligible categories:
v Establish financing mechanisms to purchase and redevelop foreclosed upon homes and residential properties, including such mechanism as soft-seconds, loan loss reserve, and shared-equity loans for low- and moderate-income homebuyers.
v Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties.
Draft copies of the application will be available to the public on July 3, 2009, for a 10-day comment period ending July 13, 2009, at the Neighborhood Resources Center, 425 Atlantic Avenue, Long Beach, CA 90802 and Main Public Library, 101 Pacific Avenue, Long Beach, CA 90802. In addition, a copy can be obtained by contacting Alem S. Hagos, CDBG Coordinator at 562/570-7403 or can be downloaded from or viewed on the Neighborhood Services web page: WWW.longbeach.gov/cd/neighborhood_services
After reviewing the City’s application, please send your written comments to Neighborhood Services Bureau, 444 W Ocean Blvd., Suite 1700, Long Beach, CA 90802, Attention: Alem S. Hagos, CDBG Coordinator.
Other NSP2 documents can be accessed by clicking on the following links: