HomeMy WebLinkAboutSummary FormDate: 12/30/2010
AGENDA ITEM SUMMARY FORM
FILE ID: !/— 000 2c(
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 02/10/2011 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ACCEPTANCE OF NEIGHBORHOOD STABILIZATION PROGRAM 3 FUNDS
Purpose of Item:
ACCEPTING A GRANT FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT ("HUD"), IN THE AMOUNT OF $4,558,939 FOR THE NEIGHBORHOOD
STABILIZATION PROGRAM 3 ("NSP3") UNDER THE DODD-FRANK WALL STREET REFORM AND
CONSUMER PROTECTION ACT ENACTED ON JULY 21, 2010; AUTHORIZING THE CITY
MANAGER TO EXECUTE THE NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, TO IMPLEMENT ACCEPTANCE OF SAID GRANT.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Purchasing
Chief
Risk Management
Dept. Director
City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 21, 2010 the President of the United States signed the Dodd -Frank Wall Street Reform and
Consumer Protection Act of 2010 which includes the Neighborhood Stabilization Program 3
("NSP3").
The NSP3 is designed to stabilize neighborhoods whose viability has been, and continues to be,
damaged by the economic effects of properties that have been foreclosed and abandoned.
The United States Department of Housing and Urban Development ("HUD") has advised the City of
Miami that a grant in the amount of $4,558,939 has been awarded for its NSP3 under the Dodd -
Frank Wall Street Reform and Consumer Protection Act of 2010.
The Administration recommends the acceptance of a grant from HUD under the Dodd -Frank Wall
Street Reform and Consumer Protection Act, in the amount of $4,558,939 for the implementation of
the NSP3.