State & Local Projects

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FY 2008-2009
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FY 2009-2010
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FY 2010-2011
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Neighborhood Stabilization Program

Section: Division A, Title XII | Agency: Dept. of Community Affairs

Provides funding for the redevelopment of abandoned and foreclosed homes.

Brief description of program or funding including funding distribution method (formula or competitive grant):

Funds will be allocated competitively and all grantees must be in the areas with the greatest number and percentage of foreclosures.  Funding may be used for the following activities: (1) Establish financing mechanisms for purchase and redevelopment of foreclosed home and residential properties; (2) Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon; (3) Establish land banks for homes that have been foreclosed; (4) Demolish blighted structures; (5) Redevelop demolished or vacant properties.   ARRA also adds as an eligible use, an allowance for 10% of the funds appropriated under to Act to be used for capacity building at the local level.  

States, local governments and non-profit organizations are eligible to apply for competitive NSP funds.

Award criteria for the project selection includes but is not limited to: area of greatest number and percentage of foreclosed homes; timeliness of expenditures; demonstrated capacity; leveraging potential; and concentration of investment.  HUD established program guidelines on May 4, 2009.

When funds are expected to be available:   Applications for NSP technical assistance were due June 8, 2009.   Applications for NSP2 funds were due July 17, 2009; a summary of the application is available at: http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0036.

How long are funds available:  Funds will be available until September 30, 2010.  Grantees must expend at least 50% of allocated funds within 2 years of the funds becoming available and 100% of the funds within 3 years.

Conditions or prerequisites for accessing funds (include matching or MOE requirements):   No state match or MOE requirement.