City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 5, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
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Consideration of Submission of a Grant Application to the Virginia Department of Housing and Community Development for Trust Stabilization Program Funding. THIS ITEM HAS BEEN REMOVED
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ISSUE: Consideration of submission of an application to the Virginia Department of Housing and Community Development (DHCD) for Trust Stabilization Program funding.
BACKGROUND: Since 2009, the City, the Alexandria Housing Development Corporation (AHDC) and Rebuilding Together Alexandria (RTA) have participated in Virginia's Neighborhood Stabilization Program (NSP) which works to stabilize neighborhoods impacted by foreclosures by acquiring distressed properties for rehabilitation and resale to low and moderate income first-time homebuyers. As an indication of its commitment to the continued improvement of neighborhoods affected by foreclosure, in February 2013, the City of Alexandria allocated $1 million in local Community Development Block Grant (CDBG) and HOME Investment Partnerships Program funds to RTA to continue an NSP-like program on a City-wide basis. The City is continuing to work with RTA in implementing the new, locally-funded program, with primary responsibility for the identification of homebuyers.
Given the City and RTA's prior experience with the NSP Program and the newly allocated City support for these foreclosure-related activities, the City is now well-positioned to seek supplemental funding to further leverage local resources and to expand the impact of RTA's new initiative through a newly introduced element of the Virginia Trust Fund. In response to the ongoing effects of home foreclosures in Virginia, $1million has been set aside for a demonstration program, the Virg...
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