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IPED Annual Affordable Housing & Development Update: Opportunities in a Changing Economy

IPED Annual Affordable Housing & Development Update: Opportunities in a Changing Economy . The Fairmont Miramar Hotel Santa Monica, CA June 4 - 5, 2009. NEIGHBORHOOD STABILIZATION PROGRAM (NSP). Initially funded under HERA, $3.92 billion.

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IPED Annual Affordable Housing & Development Update: Opportunities in a Changing Economy

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  1. IPEDAnnual Affordable Housing & Development Update: Opportunities in a Changing Economy The Fairmont Miramar Hotel Santa Monica, CA June 4 - 5, 2009

  2. NEIGHBORHOOD STABILIZATION PROGRAM (NSP) • Initially funded under HERA, $3.92 billion. • Provide assistance to states, insular areas, and units of local government (grantees). • Redevelopment of abandoned and foreclosed-upon homes and residential properties. • Implemented through substantial amendments to a grantee’s current approved consolidated plan and annual action plan. • NSP’s income target is between 80 percent and 120 percent of area median income; 25 percent of funds must be targeted to people at 50 percent of area median income or less.

  3. NSP (Cont.) • Reasonable developer’s fees, related to NSP-assisted housing rehabilitation or construction activities. • Redevelop acquired property for nonresidential uses, such as a public park, commercial use, or mixed residential and commercial use. • New construction of housing is an eligible use if done to redevelop demolished or vacant properties. • Eligible to acquire and redevelop FHA foreclosed properties. • Any acquisition must be at a discount from the current market-appraised value.

  4. AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 (ARRA) • $2.25 billion for “HOME”, to be coordinated with low-income-housing tax credits to fill financing gaps – TCAP • $2 billion, to ensure 12 months’ funding of Section 8 renewal contracts • $250 million for energy improvements for Section 202/811 and Section 8 properties; OAHP will administer. • $1 billion for Community Development Block Grants. • $2 billion for Neighborhood Stabilization Program. • Another $4 billion for public housing authorities, for rehabilitating or retrofitting public housing units, $3 billion of which to be distributed to public housing authorities according to the existing formula; those funds will be awarded competitively. • $1.5 billion for homeless prevention. • $100 million for lead-based-paint abatement. • $510 million for Native American Block Grants.

  5. HERA - NSP • May 4th HUD issued NSP II NOFA and NSP TA NOFA • NSP II is for $1.93 billion. • NSP TA is for $50 million. • NSP II targeted to states, local government, nonprofits, consortia • Targeted to areas of highest need • Looking for leveraging • Repealed profit reinvestment • Clarifies vacant properties must be redeveloped as housing • Extends rights to voucher holders

  6. Richard Michael Price Nixon Peabody LLP 401 Ninth Street Suite 900 Washington, DC 20004 Telephone: (202) 585-8716 Facsimile: (202) 585-8080 E-Mail: rprice@nixonpeabody.com

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