Neighborhood Stabilization Program Summary The City of Lorain - Department of Community Development will be posting information on this page to keep the community informed on the progress of the City in implementing its work plan. The City was awarded $3,031,480.00. The funds will be used to acquire abandoned and/or foreclosed homes for rehabilitation and resale or lease purchase; to acquire abandoned and/or foreclosed residential property for demolition and landbanking; to demolish blighted residential structures. The City has budgeted the following amounts to impement the workplan: General Budget Demolition $750,000 Acquisition for Land Banking $300,000 Acquisition for Rehabilitation and Resale or lease Purchase for Families earning 120% or less of Area Median Income $920,462 Acquisition for Rehabilitation and Resale or lease Purchase for Families earning 50% or less of Area Median Income $757,870 Administration $303,148 Total $3,031,480 Under Announcements, the City will be listing the properties that are available for sale. Any one wishing to purchase home under this program must participate in a HUD certified home-ownership training program. The following organizations have offered this training in the past: Lorain Metropolitan Housing Authority; Lorain County Community Action Agency; Lorain County Urban League; El Centro de Servicios Sociales; Direct Action for Central Lorain; and South Lorain CDC. Information to posted soon. Income limits are published by HUD. To purchase, lease purchase or rent an NSP funded housing unit, the resident must falll within one of the two allowable income ranges FY 2009 Income Limits for 120% of HUD Area Median Income  1 person household 2 person household 3 person household 4 person household 5 person household 6 person household 7 person household 8 person household $54,450 $62,200 $70,000 $77,750 $84,000 $90,200 $96,400 $102,650    FY 2009 Income Limits for 50% of HUD Area Median Income    1 person household 2 person household 3 person household 4 person household 5 person household 6 person household 7 person household 8 person household $22,700 $25,900 $29,150 $32,400 $35,000 $37,600 $40,200 $42,750  The City is currently working to acquire properties for rehabilitation and demolition as appropriate. Prior to the commitment of funds, the City must complete an environmental review of the project. In general, the City must coordinate with the Ohio Historic Preservation Office to determine if there will be an adverse impact on historic properties. A list of the properties that have been submitted to the Ohio Historic Preservation Office is available by clicking on the link. OHPO Reviews The City's Plan is to acquire for rehabilitation 40 units of housing and to demolish an additional 80 units with the NSP funds. Program income generated from the activities will be reinvested into NSP eligible activities. City Council is considering an amendment to increase the Acquisition Land Banking category and decrease funding to the demolition and Rehabilitation of Homes for Families at 120%<AMI.