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Governor Jim Gibbons today announced
the creation of the Housing Recovery
Act Implementation Task Force,
charging it with coordinating the
efforts of local governments as they
utilize the funding they receive
from the federal government through
the Housing and Economic Recovery
Act.
Gibbons has appointed Wells Fargo
Regional President Kirk Clausen to
chair the task force, which will
also include Applied Analysis
partner Jeremy Aguero. Filling out
the panel will be representatives
from the local governments receiving
direct appropriations from the
federal government, as well as a
representative of the Nevada
Association of Counties on behalf of
local jurisdictions that did not
receive direct funding.
“Through the Neighborhood
Stabilization Program of the Housing
and Economic Recovery Act, the
federal government has allocated
nearly $72 million to Nevada,” the
Governor said. “It’s critical that
we have a coordinated effort to
leverage and maximize these dollars
to achieve the greatest impact.”
The Governor is scheduled to host
the first meeting of the Housing
Recovery Act Implementation Task
Force in his office on Wednesday,
Oct. 22.
The federal legislation provides the
funding through block grants to the
local governments for several
purposes, including for the purchase
of abandoned or foreclosed homes,
creating land banks of foreclosed
properties, demolishing blighted
structures and redeveloping blighted
properties.
“Each community that receives
funding has unique needs and may
very well need to customize their
plan for utilizing these dollars,”
the Governor said. “But having the
panel share ideas and strategize for
getting the most out of every dollar
will best serve the people of Nevada
and these communities as they
recover from the housing crash.”
The U.S. Department of Housing and
Urban Development allocated nearly
$72 million to the state of Nevada
through the Neighborhood
Stabilization Program of the Housing
and Economic Recovery Act. Of that
$72 million, the state will
distribute nearly $24.3 million to
local governments through a formula
that is still to be determined.
HUD specifically allocated the
remainder of the funding as follows:
nearly $23 million to Clark County,
about $3.2 million to Henderson,
about $14.8 million to Las Vegas and
about $6.8 million for Mesquite and
North Las Vegas combined.
Representatives of those governments
will also be members of the task
force.
“The housing crash was the first
domino to fall in the series of
problems that have dragged down
Nevada’s economy,” the Governor
said. “We need to ensure that these
dollars from the Neighborhood
Stabilization Program are invested
wisely while we address this housing
problem in our state.” |