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APPLICATION FOR A NEIGHBORHOOD STABILIZATION <br />PROGRAM (NSP) COMMUNITY DEVELOPMENT BLOCK <br />GRANT (CDBG) (LEGISLATIVE) <br />PROOF OF PUBLICATION OF ADVERTISEMENT FOR HEARING IS ON FILE IN THE <br />OFFICE OF THE CLERK TO THE BOARD <br />Community Development Director Bob Keating introduced Consultant David Fox <br />who would present to the Board the County's Draft Neighborhood Stabilization Program (NSP) <br />Grant Application, which also included the NSP Housing Assistance Plan. He said the Citizens <br />Advisory Task Force has considered and unanimously recommended the Grant and has <br />authorized staff to submit it to the Board. Director Keating requested that the Board, after <br />hearing from Consultant Fox, approve the Application and the Housing Assistance Plan, and to <br />give authorization for staff to submit same to the State. <br />David Fox, Consultant of Fred Fox and Associates, provided background and <br />analysis on the request for authorization to submit an application for a Community Development <br />Block Grant (CDBG), which is being made available through a recently enacted Housing and <br />Economic Recovery Act by the Federal Government, which Act appropriated $3.92 billion in <br />CDBG funds under a new Neighborhood Stabilization Program for local governments to <br />purchase and redevelop abandoned or foreclosed properties. Indian River County is allocated to <br />receive $4,680,825; of that amount, $1,082,282.00, must be used for rental, to low income, <br />below 50% of the median household income. <br />Mr. Fox thereafter responded to questions from the Board regarding pricing, <br />those for whom the program is geared, and the number of contracts needed to qualify under the <br />Davis -Bacon Act. <br />Director Keating explained the objectives of the Program, which is mainly to <br />stabilize neighborhoods, which he said is why the money is focused on acquiring foreclosed <br />March 17, 2009 12 <br />