Title:
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A Resolution approving a substantial amendment to the Prince George’s County FY 2011 Annual Action Plan to enable the County to receive $1,802,242 in Neighborhood Stabilization Program (“NSP3”) funding
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Title
A Resolution approving a substantial amendment to the Prince George’s County FY 2011 Annual Action Plan to enable the County to receive $1,802,242 in Neighborhood Stabilization Program (“NSP3”) funding
Background
Prince George’s County has been allocated $1,802,242 in NSP3 funding pursuant to Section 1497 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. NSP3 funding is allocated on a formula basis to states and local governments hard hit by foreclosure, and NSP3 funding can be used to acquire and redevelop foreclosed and abandoned residential properties. It cannot be used for foreclosure prevention.
Application requirements include targeting funding to HUD defined areas of greatest needs; selecting areas that leverage public and private investment; and provide linkages to employment, transportation and other ongoing revitalization initiatives, in order to create long term neighborhood stability.
To receive NSP3 funding, the County must submit an annual action plan substantial amendment designating the NSP3 target area and outlining a strategy for use of the funding (“NSP3 Substantial Amendment”). Because the NSP3 activity is an eligible activity not originally funded or described in the FY 2011 Annual Action Plan, the plan must be amended, as required by the County’s “FY 2011-2015: County Citizen Participation Plan”.
The NSP3 Substantial Amendment designates the following census tracts in the Suitland community of Prince George’s County as the County’s NSP3 target area: 801802, 801902, 802001, 802002, 802105, 802405, and 802406. These census tracts are anchored by the Suitland Federal Center, the Suitland Metro Station, and the County funded $45 million Suitland Redevelopment Project.
NSP3 funds are proposed to be used for a homeownership assistance strategy modeled after the successfully NSP 1 initiative which funded over 600 homebuyers and an acquisition, rehabilitation and resale activity, using green rehabilitation standards (“Green Suitland”) to create model green homes for privately funded rehabilitation.