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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Item: Application for Neighborhood Stabilization Program funds Date: June 5, 2009 Prepared by: Nancy Harte, OPG Initiated by: Nancy Harte, OPG Action Required: Authorize the Mayor to sign an application for Neighborhood Stabilization Program (NSP) funds to the Montana Department of Commerce from the City of Missoula on behalf of the Rocky Mountain Development Group to construct 115 units of affordable housing. The project will involve the demolition of two buildings at the old Missoula Athletic Club site, and construction of multi-family rental housing affordable to households making 80% of area median income or less. The project is contingent on receiving the NSP funds. Recommended Motions: The committee recommends that the Missoula City Council approve and authorize the Mayor to sign an application from the City of Missoula on behalf of the Rocky Mountain Development Group for Neighborhood Stabilization Program funds with the Montana Department of Commerce in the amount of $5,000,000.00 (five million dollars). Timeline: Referral to committee: June 5, 2009 Committee discussion: June 10, 2009 Deadline: Grant submittal goal is June 17, 2009 Financial Implications: The NSP application is for $5 million, which represents less than half of the $10.05 million project. Other funds will come through loans and other federal sources. The City is committing no funds to this project.