Thursday, January 29, 2009

Suisun City Pursuing Federal Neigborhood Stabilization Funds


In partnership with four other local cities and Solano County, Suisun City is applying for federal Neighborhood Stabilization Program (NSP) Funding that is being distributed by the State of California. The State has received $145 million it is distributing to local agencies.

This funding is designed to help government agencies address the challenges posed by home foreclosures in their communities. For nearly a year, Suisun City has worked proactively on the foreclosure issue, including using $3.4 million in local affordable housing funds to establish a First-Time Home Buyers Assistance / Foreclosure Eradication Program.

Suisun City is applying for approximately $665,000 in NSP funds. The program is designed to:
  • Establish financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties;
  • Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent or redevelop them;
  • Establish land banks for foreclosed homes;
  • Demolish blighted structures; and
  • Redevelop demolished or vacant properties.
The first step in this process is a Public Hearing on the design of the local program to determine how the funding should be used. The public's input is important to help guide upcoming policy decisions that could impact the community.

The hearing is set for

Local action by the Suisun City Council is required to submit the application.

>>Click here for the full public notice>>

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