Los Banos NSP Down Payment Assistance Program Admin- 1953

To administer and implement the City of Los Banos’ Neighborhood Stabilization Program (NSP). These funds will be used as down payment assistance and GAP financing for the purchase of foreclosed homes. The State of California allocated $2.4 million to the City of Los Banos.

The City will apply for the $2.4 million of funds once the NOFA is released. MCAG will prepare NOFA for the City’s approval. Once the funds are awarded, the City will have approximately 12 months to use the NSP funds. Since MCAG is currently administering the City’s HOME First Time Homebuyers (FTHB) program, the NSP program will be similar and therefore be more like a continuation of the FTHB.

Previous/ongoing Work:

Application for funds in FY 09/10.
Grant awarded July 2009.
Special Conditions Cleared and Authorization to spend activity funds September 2009. Create required forms.
Setup housing classes required by State for applications.
Process applications for eligibility.
Purchase houses for rehabilitation and resale to applicants.
Monitor Habitat for Humanities for grant compliance.
Prepare reports to the State and City.