Title:
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A Resolution supporting the State of Maryland Neighborhood Stabilization Program Round 3 Substantial Amendment, which includes $1.7 million of funding for the Suitland Neighborhood Stabilization Initiative
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Title
A Resolution supporting the State of Maryland Neighborhood Stabilization Program Round 3 Substantial Amendment, which includes $1.7 million of funding for the Suitland Neighborhood Stabilization Initiative
Background
The State of Maryland received an allocation of $5,000,000 in NSP3 funding. NSP3 grantees must develop an application or NSP3 Substantial Amendment designating the NSP3 target area(s) and outlining a strategy for use of the funding. The State is administering NSP3 funds through the Neighborhood Conservation Initiative (“NCI”) and has included $1.7 million of NSP3 funding in Maryland’s NSP3 Substantial Amendment for the Suitland Neighborhood Stabilization Initiative. The State of Maryland requires local government support for participation in the NCI Program.
The State NCI funding will leverage the $1.8 million in County federal NSP3 funding and will support the Suitland NSP3 Initiative by funding a homeownership assistance strategy modeled after the NSP 1 Down Payment on Your Dream Program; the “Green Suitland” acquisition and rehabilitation activity; and a Saving Your Home Pilot Program to preserve homeownership targeting the Suitland Neighborhood Stabilization area.
THIS RESOLUTION WAS NOT ADOPTED.