HUD Awards $7.5 Million in NSP2 Funds to Consortium
Affordable Housing Clearinghouse is in a consortium agreement with Neighborhood Housing Services of Orange County, Orange County Community Housing Corporation, Mary Erickson Community Housing, Habitat for Humanity of Orange County, Irvine Community Land Trust, and Community Housing Resources has been awarded $7.5 million in NSP2 funds. These funds will be used in targeted areas across 129 census tracts affected by high foreclosure and vacancy risk scores.
The consortium will acquire and rehabilitate 68 foreclosed or abandoned properties for resale and rental and provide financing mechanisms, in the form of homebuyer assistance, for 45 households to purchase and rehabilitate foreclosed homes. These activities will benefit households whose income is at or below 120 percent of area median income, with 25 percent of the funds for households at or below 50 percent of area median income.
Funded through the American Recovery and Reinvestment Act of 2009, this round of NSP grants is being awarded competitively to applicants who developed the most innovative ideas to address the impact foreclosure crisis has had on local communities, while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars.