The federally-funded Neighborhood Stabilization Program is providing emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities, including Hillsborough County, to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. The program is authorized under Title III of the Housing and Economic Recovery Act of 2008.
Hillsborough County will be receiving approximately $19.1 million. These funds will be utilized for such things as: create financing mechanisms to purchase and redevelop abandoned and foreclosed properties through soft-second loans, loan loss reserves, and shared-equity loans; purchase and rehabilitation of abandoned and foreclosed homes to re-sell, rent or redevelop; establish land banks of foreclosed homes; demolish blighted structures; redevelopment of demolished or vacant properties.
The County has until Dec. 1, 2008 to submit their FY2008/2009 Action Plan Amendment for implementing the program to the U.S. Department of Housing and Urban Development. The County plans to start initiating projects on January 15, 2009. Communities will have 18 months to obligate these funds, and four years to expend the funds.
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