NATIONAL CORE – HUD NSP2 FUNDING PROPOSAL SUMMARY This document has been prepared to summarize the activities proposed by National Community Renaissance (National CORE) relative to a funding proposal to be submitted on July 17, 2009 under the Department of Housing and Urban Development (HUD)’s May 4, 2009 Neighborhood Stabilization Program 2 (NSP2) NOFA . Agency Capacity: A non-profit organization dedicated to stabilizing and revitalizing communities through high quality affordable housing, educational/social services for seniors and families, and long term ownership/management, National CORE owns over 10,000 rental units in seven states, including more than 6,700 in Southern California. National CORE is the owner, operator, and developer of its properties and has substantial staff capacity in development, construction management, general contracting services, and property management. National CORE’s areas of experience include mixed-income, mixed-use, deeply affordable, and market- rate rental communities created through both new construction and rehabilitation of family and senior developments. In the past 24 months, National CORE has carried out neighborhood stabilization activities similar to those proposed for NSP2 funding, including the development, ownership, and management of over 200 units of affordable housing for households at or below 120% Area Median Income (AMI) in communities in and around Southern California. Proposed NSP2 Uses of Funds and Target Geography: National CORE proposes to request approximately $11 million in NSP2 funds to stabilize and revitalize Southern California neighborhoods whose viability has been and continues to be damaged by the economic effects of properties that have been foreclosed upon and abandoned. Specifically, the funds will be used to redevelop demolished or vacant properties as housing (“Uses of Funds) through the acquisition of vacant residential land and/or new construction of affordable rental housing in the following six (6) communities (“Target Geography”): • Los Angeles 90022 (Census Tract: 5304.00) • Los Angeles 90044 (Census Tract: 6002.02) • Escondido 92025 (Census Tract: 0202.12 ) • Cathedral City 92234 (Census Tract: 0447.02) • Cathedral City 92234 (Census Tract: 0449.16) • Montclair 91763 (Census Tract: 0003.01) The proposed activities will generate affordable rental housing for low income1 families and senior adults in neighborhoods where demand for affordable housing is high; stabilize targeted areas impacted by blight, crime, sharply reduced home values, and/or other destabilizing influences; and revitalize and reconnect these communities with the economy, housing market, and social networks of the metropolitan area as a whole. The total development cost for projects in these six communities is approximately $120 million. Projects are financially well leveraged and positioned to commence construction within 12 months of an NSP2 funding award. Citizen Comment: Written comments on the NSP2 plan may be mailed to Kevin Chin at National Community Renaissance, 9065 Haven Avenue, Ste. 100, Rancho Cucamonga, CA 91730 or emailed to firstname.lastname@example.org. 1 All of project units (except for the 1 unrestricted manager’s unit in each development) are designated for individuals and families at or below 60% of area median income (AMI), and 90% of the restricted units are designated for individuals and families at or below 50% AMI.
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