BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL January 31, 2023 Agenda Item 8.1
Ragan Henninger
Deputy Director
Housing Department
Sandra Murillo
Sr. Development Officer
Housing Department
1st Substantial Amendment
to the FY 22-23 Annual
Action Plan
Hold a public hearing
Adopt a resolution relating to the first amendment to the existing Fiscal Year 2022-2023 Annual Action Plan that includes the transfer and use of Neighborhood Stabilization Program income funds to the Community Development Block Grant Program for eligible uses 21/30/2023
Recommendation
Housing and Economic Recovery Act of 2008
City of San José received $5.6 M in recovery funds in 2009 Foreclosure crisis mitigation and neighborhood stabilization Foreclosed or abandoned, vacant properties and located
in eligible census tracts
Acquired, rehabilitated, and sold 14 homes to eligible households 31/30/2023
Neighborhood Stabilization Program
Initiated NSP closeout in June 2022
Program Income Notice published June 14, 2016 (FR 5933-N-01) authorizes NSP recipients to transfer available program income to CDBG for eligible uses
All provisions governing CDBG program income will apply to the NSP transferred funds
Program Income may be transferred to an annual CDBG program Funds will be added to the in the FY 2022-23 CDBG Budget 41/30/2023
NSP Closeout and Program Income
Grant Received $5,628,283
Resale and Loan Repayments $3,127,329
Program Reinvestment $2,543,108
Available for Transfer to CDBG $584,220
51/30/2023
NSP Program Income
Eligible Use Approved
8-9-22
Change Proposed New
Budget
Public Service 15% $1,328,190 $87,633 $1,415,823
Community
Development
$9,415,202 $379,743 $9,794,945
Administration &
Fair Housing 20%
$1,770,921 $116,844 $1,887,765
Total $12,514,313 $584,220 $13,098,533
61/30/2023
CDBG Proposed New Budget
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL January 31, 2023 Agenda Item 8.1
Ragan Henninger
Deputy Director
Housing Department
Sandra Murillo
Sr. Development Officer
Housing Department
1st Substantial Amendment
to the FY 22-23 Annual
Action Plan