Title:
|
A Resolution supporting the application submitted by Prince George’s County, through its Department of Housing and Community Development for funding in the amount of $10,883,234 from the Maryland Neighborhood Conservation Initiative Program and authorizing the County Executive to execute certain documents required for the submission of the application
|
Title
A Resolution supporting the application submitted by Prince George’s County, through its Department of Housing and Community Development for funding in the amount of $10,883,234 from the Maryland Neighborhood Conservation Initiative Program and authorizing the County Executive to execute certain documents required for the submission of the application
Background
The State of Maryland has received an allocation of $26,704,504 of Neighborhood Stabilization Program (“NSP”) funding from the United States Department of Housing and Urban Development. These funds are authorized under Title III of Division B of the Housing and Emergency Recovery Act of 2008, passed by Congress to assist communities in addressing abandoned and foreclosed homes in neighborhoods that have been impacted by foreclosure and subprime lending.
The NSP funds will be administered by the Maryland Department of Housing and Community Development (“DHCD”) through the Neighborhood Conservation Initiative (“NCI”) Program. DHCD has solicited applications from eligible applicants to apply for funding under the NCI Program. Under these terms, the Prince George’s County Department of Housing and Community Development has applied to receive $10,883,234 in NSP funds. The State of Maryland requires local legislative support for participation in the NCI Program.