Title
Resolution amending the Neighborhood Stabilization Program (NSP) budget for funding awarded to the City of West Allis from the Wisconsin Department of Commerce.
Body
WHEREAS, the Wisconsin Department of Commerce (“Commerce”) received $38.9 million in
Neighborhood Stabilization Program (“NSP”) funds from the U.S. Department of Housing and Urban Development (“HUD”); and,
WHEREAS, through Resolution No. R-2009-0249, the Common Council authorized the City of West Allis to enter into an Intergovernmental Agreement with Milwaukee County, City of Milwaukee and City of Cudahy in the creation of a Milwaukee County Regional Consortium, who was awarded $1.3 million in NSP funds from Commerce in May 2009; and,
WHEREAS, Commerce has awarded the consortium an additional $1,997,556, with $1,498,192 being awarded specifically to the City of West Allis; and,
WHEREAS, through Resolution No. R-2010-0075, the Common Council authorized the awarding of the $1,487,799 in NSP funds to the City of West Allis but after further review from Commerce, the total NSP funding to the City of West Allis is $1,498,192; and,
WHEREAS, the Common Council through Resolution No. R-2010-0075 had previously authorized the use of $660,000 in NSP funds for acquisition/rehabilitation/resale/direct homeownership assistance of four (4) foreclosed-upon single-family homes and the staff time and resources to deliver the projects; and,
WHEREAS, the amendment calls for the use of the $660,000 in NSP funds to include acquisition/rehabilitation/demolition/new construction/resale/direct homeownership assistance of four (4) foreclosed-upon single-family homes and the staff time and resources to deliver the projects; and,
WHEREAS, $838,192 of the award will be allocated towards the acquisition/resale of foreclosed-upon multi-family properties and the staff time and resources to deliver the projects; and,
WHEREAS, any income from the resale of a property is returned to the NSP program ...
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