Nassau County's Office of Housing and Intergovernmental Affairs (OHIA) has received a grant of $7,767,916 for the Office of Housing and Urban Development's (HUD) new Neighborhood Stabilization Program (NSP). The funding is provided through HUD's Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008 and totals $3.92 billion nationally. Addressing the crisis of rising foreclosures and falling home values, these funds will provide targeted emergency assistance to state and local governments for acquistion and redevelopment of foreclosed properties that might otherwise become sources of abandonment and blight within their communities. County Executive Thomas R. Suozzi stated, "This grant will enable us to provide much-needed, additional assistance to the residents and communities of Nassau County hard-hit by foreclosures."
In determining the allocations, HUD followed Congress's direction that grants be targeted to areas based on the number/percent of foreclosures, sub-prime mortgages and mortgage defaults and delinquencies. HUD took a data driven approach to this process, relying on numerous data sets from government agencies and private sources.
HUD has issued specific rules that will assist in the administration of this new program and to ensure, as Congress directed, that these grant funds be obligated for specific activities within 18 months. This Congressional timetable presents challenges in undertaking these ambitious, and in some cases unprecedented, acquisition and rehabilitation activities.
The NSP Program also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers, under this program, obtain a mortgage loan from a lender who agrees to comply with sound lending practices.
National Housing Summit, Neighborhood Stabilization Program, Washington, DC- October 8, 2008. Pictured l to r: Nassau County's Office of Housing and Homeless Director, Connie Lassandro and Deputy Director of Homeownership Center, Yvette Pachecho; Long Island Housing Partnership (LIHP) VP, Diana Weir; Technical Director of Nassau County's Office of Housing and Intergovernmental Affairs (OHIA), Kevin Crean; Secretary of HUD, Steve Preston; LIHP President Peter Elkowitz; and Nassau County's Office of Housing and Intergovernmental Affairs (OHIA) Director, Rosemary Olsen.
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Nassau County's Office of Housing and Intergovernmental Affairs (OHIA) is in charge of overseeing many federally mandated/funded programs. These programs, Section 8 Housing, Home Investment Partnerships (HOME), Emergency Shelter Grant (ESG)and the Community Development Block Grant (CDBG) are funded through the U.S. Department of Housing and Urban Development (HUD) and are essential in providing and revitalizing housing and living accommodations, as well as providing expansive economic opportunities for low and moderate-income families (Down Payment Assistance Program).
OHIA is committed to supporting all of the communities within Nassau County; especially those in the areas that have been underserved in the past. County Executive Thomas R. Suozzi along with Deputy County Executive Patrick G. Duggan is diligently working to establish stronger economic bases in our various downtowns. Through this downtown revitalization, we know we can strengthen our local tax base and provide a stronger sense of community for our residents. |
