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<br />City of Portsmouth <br />Neighborhood Stabilization Program <br />Program Income Plan <br /> <br />Grantee: <br /> <br />City of Portsmouth <br /> <br />Date: July 17.2009 <br /> <br />Project Name: Portsmouth NSP <br /> <br />Contract#: 08-NSP-06 <br /> <br />OBJECTIVE: The expenditure of active program income generated from the <br />Portsmouth NSP in a manner that will directly benefit low- moderate- and middle- <br />income residents of the City of Portsmouth. <br /> <br />1. ACTIVITIES: NSP Activities that will be carried out with program income funds <br />are: <br />· Acquisition (of foreclosed, vacant and abandoned properties) <br />. Rehabilitation <br />. Transfer or Resale <br />. Financing mechanisms <br /> <br />2. TIME FRAME: Briefly outline the TIME FRAME during which the project will be <br />carried out and completed. <br /> <br />Program income covered by this plan will be derived from direct proceeds of the <br />sale of improved real estate in the City of Portsmouth. <br /> <br />3. PROJECT AREA: Identify the project area in which activities will be carried out. <br />Indicate where program income will be spent after all of the needs in the project <br />area are met. <br /> <br />All projects funded with program income generated from the Portsmouth NSP <br />will be returned to the Virginia Department of Housing and Community <br />Development and placed in a Performance Pool for continuance of NSP <br />activities within the City of Portsmouth OR used by Virginia Neighborhood <br />Stabilization grantees statewide, with the approval ofDHCD. <br /> <br />4. DECISION MAKING: Briefly state who will decide on the use of the Program <br />Income, how that decision will be made, and what oversight will be used to assure <br />that this plan is followed. <br /> <br />1 <br />