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Executive Director's Report July 2009: $25,225,000
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The Toledo-Lucas County Consortium was formed and consists of two units of government (City of Toledo and Lucas County), nine non-profit organizations and two for profit developers. The City of Toledo is the lead Consortium applicant for this $25M grant. The Consortium creates an environment to allow the Neighborhood Stabilization Program II members to work on their main tasks in an effective and coordinated way. The Consortium structure brings the appropriate partners together to ensure a cohesive, effective and comprehensive neighborhood stabilization program.
Your association is happy to announce that we have joined the Consortium which has written a grant to HUD to request $25M to stabilize and revitalize the neighborhoods of this great city. If this consortium would receive this grant, their goal is to purchase foreclosed and abandoned property throughout the city from financial institutions. The focus of the NSP2 strategy is to rapidly address the decline and stabilize targeted neighborhoods. The centerpiece of NSP2 is the acquisition of 175 foreclosed single family homes for redevelopment and purchase by homebuyers. A lot of these homes may require renovations in order to resell them. That should mean work for our contractors. And for the associates, the grant requires that the contractor purchase material locally. So the bottom line is that if this comes to fruition, it should be a win-win for everyone.
You can see the grant application on the City of Toledo website.
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