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Community Development and Job Training
Community Development Block Grant: Neighborhood Stabilization Program

 Total Federal Funding:  $2 billion
 Estimated N.C. Funding:  ---
 Estimated Local Funding: $5 million (minimum application requirement)
 Administering Agency: Neighborhood & Business Services
City of Charlotte
 Overview: This program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program provides grants to purchase foreclosed or abandoned homes and to rehabilitate, resell or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring housing.

Note: The City has received $5.4 million and $2.625 million from the Department of Housing and Urban Development (HUD) and the State allocation in early 2009. The stimulus funds would be in addition to these two grant awards.
 Eligibility: The income limit for a family of four is $77,160 or 120% of the area median income. A home buyer can receive down payment assistance if he/she were to purchase a foreclosed home in the designated area of greatest need.
 Local Funding Availability:
HUD will published grant criteria May 4, 2009. Applications are due by July 17, 2009 and HUD will notify selected applicants by December 1, 2009. On June 22, City Council authorized the City Manager to apply for Neighborhood Stabilization Program funding as part of the state's larger application to HUD.
 Contact Information:
Housing Services
 Amounts Obligated:  ---
 Job Creation/Retention:  ---
 Project Completion Status:  ---
 Tentative Public Hearing Dates:

A public hearing is not required due to time deadlines. However, a minimum of 10 days will be made available to receive citizen comments. The proposed applications will be posted on the Neighborhood & Business Services web site and made available at different libraries and other locations for public review. Citizens will be notified when and where the document will be available for review.
 Links for More Information:
Department of Housing & Urban Development