Thursday, May 28, 2009

Cincinnati creates accounts for HUD stabilization funds

Cincinnati City Council has passed unanimously an ordinance creating five new project accounts for the disbursement of U.S. Department of Housing and Urban Development Neighborhood Stabilization Program (NSP) funds.

The five new NSP accounts will allow for hazard abatement and demolition, purchase and redevelopment, affordable housing creation, additional financing mechanisms, and program administration in the neighborhoods of Evanston, Northside, East Price Hill, West Price Hill, Westwood, South Fairmount, Avondale, Madisonville, Bond Hill, and College Hill.

The City is receiving nearly $8.4 million as part of the $3.92 billion 2008 Housing and Economic Recovery Act to provide funding for communities to purchase foreclosed or vacant properties and to rehabilitate, re-sell, or demolish and redevelop them for homeownership.

The modified NSP Action Plan will result in the demolition of 166 housing units, the acquisition of 62 housing units, the rehabilitation of 51 housing units, and 31 units of new construction.

Previous reading on BC:
Neighborhood stabilization funding to be tweaked (5/13/09)