Staff recommends approval of the resolution to submit an application for funding from the Neighborhood Stabilization Program 3 to develop affordable housing in Leesburg.
What is the NSP 3 program?
The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.
What are the eligible uses of the Lake County NSP 3 program funds?
NSP funds may be used for the following activity:
In 2009, the City of Leesburg and Lake County Government entered into an interlocal agreement that provided the City funds to purchase abandoned and foreclosed properties. The Housing Department utilized Lake County NSP funding to purchase five existing homes and to date three have been sold to first-time homebuyers and the Housing Department is finalizing a contract to sell one more.
Currently, there are foreclosed homes and abandoned rental properties in Leesburg that will be eligible projects. The Housing & Economic Development Department will pursue purchase of these homes with NSP 3 funds to provide housing for very low and low-income households.
1. Approve the resolution to apply for Lake County NSP3 funding for affordable housing; or
2. Such alternative action as the Commission may deem appropriate.
The Housing & Economic Development Director along with the Carver Heights CRA Coordinator will share time implementing the program. If funding is received, a budget adjustment will be necessary to add the funds into the budget.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ______JB__________
Deputy C.M. ___________________
City Manager ___________________
Account No. 013-0000-366-13-00 _
Project No. _NSP300___________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING SUBMITTAL OF A NEIGHBORHOOD STABILIZATION PROGRAM (NSP) 3 APPLICATION TO LAKE COUNTY GOVERNMENT FOR FUNDING OF AFFORDABLE HOUSING; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the City Commission hereby authorizes the Housing and Economic Development Department staff to submit a NSP 3 with Lake County Government Community Development & Housing Services Department whose address is 1300 M, South Duncan Drive, Building E, Tavares, Florida 32778 for the purpose of accessing funds to purchase foreclosed properties.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _22nd____ day of __August_______ 2011.