Neighborhood Stabilization Program_IDED ApplicationTHE CITY OF Dubuque
DUB E
1 I
Masterpiece on the Mississippi
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Neighborhood Stabilization Program Application
DATE: February 10, 2009
Housing and Community Development Department Director David Harris recommends
City Council approval of an application to the Iowa Department of Economic
Development for Neighborhood Stabilization Program funds in the amount of $444,328.
IDED expects to receive $21,607,907 in funds from the U.S. Department of Housing
and Urban Development (HUD) as Iowa's share of the Neighborhood Stabilization
Program (NSP). The NSP funds were authorized by the Housing and Economic
Recovery Act of 2008.
The purpose of the Neighborhood Stabilization Program is to provide emergency
assistance to state and local governments to purchase foreclosed or abandoned homes
and to rehabilitate, resell or redevelop those homes in order to stabilize neighborhoods
and deter decline in valuation of neighboring housing.
According to IDED data, Dubuque ranks seventh (of 11) major Iowa cities in number of
estimated foreclosures, with 325. This compares with Des Moines, ranked first, at
3,157 foreclosures. A formula calculation allocates $444,328 to Dubuque, according to
need.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
u
~ ~ ~~'
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David Harris, Housing and Community Development Department Director
THE CTTY OF Dubuque
DUB E "ate'
1 1
Masterpiece an the Mississippi
2007
TO: Michael Van I ' en, City Manager
FROM: David Ha r ,Housing and Community Development Department
SUBJECT: Neighborhood Stabilization Program Application
DATE: 3 February 09
Introduction
The purpose of this memorandum is to request the City Council to approve the attached
resolution approving an application to the Iowa Department of Economic Development
(IDED) for Neighborhood Stabilization Program funds.
Discussion
The City Council approved submission of an application to IDED for Neighborhood
Stabilization funds at its 15 December 08 meeting. IDED subsequently notified all
applicants of the requirement for holding a public hearing. This hearing was set and
noticed by action of the Council at its 2 February 09 meeting.
Action Step
The action requested of the City Council is to approve the attached resolution,
authorizing an application for Neighborhood Stabilization Program funds, in the amount
of $444 328.
RESOLUTION NO. 73-09
A RESOLUTION AUTHORIZING AN APPLICATION TO THE IOWA
DEPARTMENT OF ECONOMIC DEVELOPMENT (IDED) FOR
NEIGHEORHOOD STABILIZATION PROGRAM FUNDS
Whereas, the City Council set a public hearing and published a public notice for
receiving public comment regarding this application, which was held on 2
February 09.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUEUQUE, IOWA:
Section 1. That the City Manager is hereby authorized and directed to prepare
and to submit to the Iowa Department of Economic Development an application
for Neighborhood Stabilization Program funds, in the amount of $444 328.
Passed, approved and adopted this 16th day of Febrary, 2009
Roy D. Buol, Mayor
Attest:
Jeanne F. Schneider, CMC, City Clerk