WHEREAS, The federal Neighborhood Stabilization Program, Round 3 (NSP-3), authorized under the federal Housing and Economic Recovery Act of 2008, provides assistance to state and local governments to acquire and redevelop abandoned or foreclosed properties that might otherwise become sources of blight within their communities; and
WHEREAS, The Commonwealth of Pennsylvania has been awarded $5,000,000 of NSP-3 funding, to be administered and distributed by the Pennsylvania Housing Finance Agency (PHFA); and
WHEREAS, Nolen Properties LLC has made application to PHFA for $430,000 in NSP funds for a 31 unit affordable senior housing development known as Nugent Senior Apartments which shall be used for NSP-3 eligible activities.
RESOLVED, That the Philadelphia City Council endorses and supports an application by Nolen Properties LLC for a grant of federal Neighborhood Stabilization Program Round 3 funds from the Pennsylvania Housing Finance Agency.
.
End