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be receiving two categories of funds: (1) about $3.5 million to acquire and rehabilitate <br />foreclosed homes for re -sale to low and very low-income households; and (2) about $1 million <br />to acquire and rehabilitate foreclosed homes for renting to very low income households. <br />Director Keating thereafter presented staff's recommendation to authorize the Community <br />Development Director to issue a Request For Proposal to hire a consultant to administer the <br />NSP grant. <br />Chairman Davis wanted to minimize government involvement, and turn the <br />money over to those organizations with experience in this field. <br />Director Keating related that any non-profit which becomes involved in this <br />enterprise must have five years of experience in this area. He conveyed that the County has <br />oversight responsibility for the project, and that the maximum amount that can be used for <br />administration of the Grant is 6%. <br />Commissioner O'Bryan asked where the rental money goes, and learned from <br />Director Keating that any income derived from the process, which has not been used to off -set <br />expenses, reverts to the State. <br />Sasan Rohani, Chief of Long -Range Planning, disclosed for Commissioner <br />Solari that the clock has not begun for this project, and that the County would have ten (10) <br />months to utilize the Grant funds. <br />Commissioner Solari observed that the rents generated from the properties <br />would probably not cover the full expenses for the property's insurance, taxes and <br />maintenance, and felt it would be beneficial to have early and substantial involvement from <br />local housing groups and local charitable organizations, because each one of the houses would <br />need substantial help going forward. <br />29 <br />December 16, 2008 <br />