OHCS Publishes Plan to Spend $19.6 Million from HUD for Foreclosure Neighborhood Stablization; Comments Due Nov 26th.

On Veteran's Day , Tuesday, OHCS published their plan to spend $19.6 Million in HUD funding provided for the foreclosure related Neighborhood Stabilization Program. OHCS says it will accept written comments on the proposed 2008 NSP Action Plan Substantial Amendment until 5:00 pm on [Wednesday] November 26th, 2008 and the plan will be submitted to HUD by December 1st.

Direct link to the OHCS plan ("Substantial Amendment") is HERE; other related documents and links can be found at the bottom of the Substantial Amendment page HERE.

Pg.7 of the Amendment includes a breakout of sub allocations by CDBG grantee. A quick analysis of that breakout shows that:

1. OHCS will administer 41.7% of the total funds for the "rest of the state" /rural program.
2. CDBG entitlements in the Portland metro area will administer 44.3% of the funds, with Portland and Multnomah County receiving 18% of funding and Washington County 12%;
3. CDBG entilement communities in the rest of the state will administer the remaining 14.1% of tunding:

Pg. 14 shows the projected number of units to be assisted with this funding. My quick analysis:

1. The total of units to be assisted is 318.
2. The largest number of units being assisted is 206. The use is to "Assist buyers with the purchase and rehabilitation of homes that have been abandoned or foreclosed upon". This will use 37.5%/ $7.35 M of the funding.
3. The largest expenditure will be to acquire 66 units, spending 44.1%/$8.64 M of the funding.
4. The remainder of funding will be spent on Admin costs, land banking, demolition and redevelopment (total of 18.4%/$3.61 M)