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3 <br /> Attachment B <br /> NEIGHBORHOOD STABILIZATION PROGRAM <br /> PROGRAM INCOME REUSE PLAN <br /> Contractor Name City of Everett <br /> Contractor Address 2930 Wetmore Ave, Everett, WA 98201 <br /> Contractor Telephone# (425) 257-8736 <br /> Closeout Agreement# 08-F6401-004CA <br /> This Program Income Reuse Plan establishes guidelines regarding policies and procedures to <br /> administer and use program income received through activities funded by the Neighborhood <br /> Stabilization Program (NSP). In this Plan,the City of Everett will detail to the Washington State <br /> Department of Commerce or "Commerce" how it plans to reuse any program income that it <br /> earns. <br /> Need for Plan Governing Reuse of NSP Program Income <br /> NSP is authorized under Title III of Division B of the Housing and Economic Recovery Act of <br /> 2008 (HERA). It falls under the heading of the Emergency Assistance for Redevelopment of <br /> Abandoned and Foreclosed Homes. HERA states that grants funded by NSP are considered <br /> Community Development Block Grant(CDBG)funds. <br /> This Program Income Reuse Plan is intended to satisfy the requirements specified in federal - <br /> statute and regulation at Section 104(j) of the Housing and Community Development Act ("the <br /> Act"), as amended in 1992 and 24 Code of Federal Regulations (CFR) 570.489 (e)(3) and of <br /> Title. III of Division B of HERA. These statutory and regulatory sections permit Everett to <br /> retain for reuse, NSP program income generated by eligible NSP activities pursuant to HERA. <br /> The eligible NSP activities shall benefit low-, moderate-, or middle-income(LMM1) individuals <br /> and families,and be limited to the following activities: <br /> • Establish fmancing mechanisms for purchase and redevelopment of foreclosed-upon homes <br /> and residential properties,including such mechanisms as soft-seconds,loan loss reserves,and <br /> shared-equity loans for low-and moderate-income homebuyers. <br /> • Purchase and rehabilitate abandoned or foreclosed residential properties in order to sell, rent, <br /> or redevelop such homes and properties. <br /> • Demolish blighted structures. <br /> • Redevelop demolished or vacant properties. <br /> Department of Commerce Page 2 <br /> Neighborhood Stabilization Program 1 <br /> Program Income Reuse Plan <br /> 32 <br />