Wednesday, July 15, 2009

City Awards $6 Million in NSP Funds to Developers Project managers selected; NSP projects set to launch in neighborhoods

The Metropolitan Development Commission (MDC) approved today the city's request to release $6 million in the first round of funding to Neighborhood Stabilization Program (NSP) development partners.

The developers selected to implement NSP projects in designated areas of the city will receive $1 million each to launch their approved projects. In total, $29 million in NSP funds for Indianapolis were approved by Congress late in 2008 to help neighborhoods recover from the effects of widespread foreclosures. The city has worked with community partners to develop a comprehensive plan that will maximize the positive impact of the funding for neighborhoods throughout Marion County.

Concord Community Development Corporation, South East Neighborhood Development, Greater Eastside Housing Project Team, Englewood Community Development Corporation, Mapleton Fall Creek Development Corporation and Michigan B&O Reinvestment Team will be able use the funds for project administration, acquisition, demolition, new construction, rehabilitation and any financing needed for a project. The exact amount of funding each development partner will receive will depend on the scope of their proposed projects. Department of Housing and Urban Development guidelines mandate that funds must be spent by 2013.

The MDC also approved today contracts for three project mangers to oversee the spending of NSP funds - a key component of the city's management plan for the grant award. They are:
D. B. Silver
Enginuity Management and Consulting Corporation
Spectrum Management & Development, LLC

Each contract is for $112,500.00 and is set to expire December 31, 2010.

For more information about NSP funds and the city's plan to implement NSP projects, please visit

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