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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Item: Information on Neighborhood Stabilization Program (NSP) Date: May 22, 2009 Prepared by: Nancy Harte, OPG Initiated by: Nancy Harte, OPG Action Required: None. Information to be presented regarding new grant opportunity entitled “Neighborhood Stabilization Program.” Recommended Motions: Informational item Timeline: Referral to committee: May 22, 2009 Committee discussion: TBD; preferred May 27, 2009 Background and Alternatives Explored: The Neighborhood Stabilization Program (NSP) is a new grant program offered by the U.S. Department of Housing and Urban Development to assist in acquiring foreclosed, abandoned, vacant, or blighted properties in order to construct or rehabilitate affordable housing. Financial Implications: Provides an opportunity to develop properties in Missoula for rental or homeownership for households earning up to 120% of area median income.