Grant: $4,600,211 - Department of Housing and Urban Development - Jan. 8, 2008
0% voted satisfied - 100% voted not satisfied - 2 vote(s) cast
Award Description: Adams County will use the NSP funds in targeting the acquisition of foreclosed units in neighborhoods with the highest concentration of subprime mortgage loans and at the highest risk of additional foreclosures. The funds will be used in six primary activities, plus administration: As a financing mechanism to ensure affordability primarily for families buying units that have been rehabilitated through this program; acquisition/rehabilitation and resale to first time homebuyers; acquisition/rehabilitation and rental; acquisition/demolition/redevelopment of units that would cost more to rehabilitate than the purchase price; demolition of blighted structures; land banking; and administration.
Project Description: In the past six months, The Housing Authority has conducted an intense planning process to develop an implementation strategy based on the Substantial Amendment for NSP produced by Adams County Community Development. This process involved drafting policies and procedures to ensure each activity is carried out efficiently and effectively while maintaining compliance with all applicable laws and regulations. The process also involved a series of meetings with the County Trustee’s office, major lenders, investors, CDFIs, the State Division of Housing, the cities and of course Adams County. Finally RFPs were issued for General Contractors, Real Estate Agents, Title Companies, Leverage Lenders, and Appraisers. The Housing Authority also began conducting the eligible activities of the program. To date The Housing Authority has purchased three foreclosed homes with additional offers pending. These units will then be rehabilitated and sold to qualified low-, moderate-, and middle-income families.
Jobs Summary: N/A (Total jobs reported: 0)
Project Status: Less Than 50% Completed
This award's data was last updated on Jan. 8, 2008. Help expand these official descriptions using the wiki below.
Funds from this award have been disbursed to sub-grantees. Click here to see a list of sub-grantees.