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�p�Y i = a x f f € i � • E ' <br /> PROJECT TITLE: 4 <br /> Local Neighborhood Consent COUNCIL BILL# <br /> Stabilization Program Plan for X Action Originating Department Planning <br /> Funding from the State of First Reading Contact Person David Koenig <br /> Washington Second Reading Phone Number 425-257-8736 <br /> Third Reading FOR AGENDA OF March 25, 2009 <br /> Public Hearing <br /> Initialed by: 4-6"-- <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Mayor submitted a Letter Local Neighborhood <br /> of Intent to participate in Stabilization Program <br /> the program. Plan <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The state Department of Community,Trade and Economic Development(DCTED)is awarding up to <br /> $546,899 to the City of Everett to fund Neighborhood Stabilization Program activities. These funds are part <br /> of an allocation of federal funds to the State of Washington to address the impacts of foreclosed-upon homes <br /> or properties. To receive these funds, the City must submit the attached Local Neighborhood Stabilization <br /> Program Plan to DCTED by April 1, 2009, describing how the funds will be spent within program <br /> guidelines. Staff consulted with local lenders,non-profit agencies, and the Everett Housing Authority to <br /> develop the recommended approach in the grant application plan. The plan proposes the City sub-grant the <br /> funds to the Everett Housing Authority,which will in turn work with non-profit agencies to use the funds for <br /> one of three qualifying activities: <br /> (1) Purchase assistance for foreclosed homes in the form of down payment assistance to eligible families; <br /> (2) Purchase and rehabilitation of foreclosed homes to be resold to eligible families. Upon sale, the program <br /> funds would convert to soft secondary loans or grants; or(3) Purchase of foreclosed lots for sale to eligible <br /> families for home ownership opportunities. Families benefitting would meet low income guidelines required <br /> by the program. <br /> RECOMMENDATION: <br /> Authorize the Mayor to sign and submit the Local Neighborhood Stabilization Program Plan for funding <br /> from the State of Washington. <br /> 17 <br />