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<br />R-09-10 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AND <br />SUBMIT A PROPOSAL TO THE VIRGINIA DEPARTMENT OF HOUSING <br />AND COMMUNITY DEVELOPMENT FOR NEIGHBORHOOD <br />STABILIZATION PROGRAM GRANT FUNDS. <br /> <br />WHEREAS, the Virginia Neighborhood Stabilization Program (NSP) was <br />authorized under the federal Housing and Economic Recovery Act of 2008 and is part of <br />the Federal stimulus program; and <br /> <br />WHEREAS, NSP funds are be targeted to areas that demonstrate significant need <br />and where use of the funds have the ability to significantly impact and stabilize a <br />proposed project area; and <br /> <br />WHEREAS, the primary use of NSP funds is to purchase and rehabilitate <br />residential properties that have been foreclosed upon, with subsequent sale; and <br /> <br />WHEREAS, NSP is intended to benefit households at or below 120% of area <br />median income, and at least 25% of all NSP funds must benefit households at or below <br />50% of area median income; and <br /> <br />WHEREAS, based on foreclosure data, NSP funds will be targeted to the <br />Westhaven Park, Prentis Park, and Cradock neighborhoods, the maximum number <br />permitted under the Program; and <br /> <br />WHEREAS, no local matching funds are required to obtain the funds. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth that the City wishes to apply for $2,000,000 in Virginia Community <br />Development Block Grant Neighborhood Stabilization Program funds for the City of <br />Portsmouth Neighborhood Stabilization Program. <br /> <br />BE IT FURTHER RESOLVED that City Manager Kenneth L. Chandler is <br />hereby authorized to sign and submit appropriate documents for the submittal of this <br />proposal. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on February 24,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />