Indian River County Florida
 
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Neighborhood Stabilization Program
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INDIAN RIVER COUNTY NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP1)

To assist local governments in their recovery from the effects of the recent housing crisis, the federal government enacted the Housing and Economic Recovery Act, Public Law 110-289. That Act appropriated $3.92 billion in Community Development Block Grant (CDBG) funds under a new Neighborhood Stabilization Program (NSP) for local governments to purchase and redevelop abandoned or foreclosed properties.

Of the $3.92 billion in neighborhood stabilization program funds, approximately $450 million was earmarked by the Department of Housing and Urban Development (HUD) for 48 entitlement communities in Florida.  Another approximately $91,141,478 was earmarked for the state of Florida for allocation to communities not funded directly by HUD (including Indian River County). A portion of those funds are also intended to cover state operational costs to disburse and monitor local use of those funds.

In Florida, an allocation plan for the $91,141,478 has been developed by the state.  In that plan, $4,680,825 is set aside for Indian River County.  The remaining state allocation is set aside for 26 other Florida communities and the state.  The specific allocation for each of the communities varies based on a formula that takes into account the number of foreclosures, number of loans in default, number of loans delinquent, and the number of subprime loans within a community.

While $4,680,825 was set aside for Indian River County, those funds were available to the county only through a formal application and award process. On March 17, 2009, the County’s formal NSP application was approved by the Board of County Commissioners (BCC) and thereafter submitted to the state.  That application was ultimately approved by the state.  On August 18, 2009, the BCC reviewed and approved an agreement with the state to use NSP funds.  That agreement was formally executed by the state on September 11, 2009.

In carrying out the Neighborhood Stabilization Program, the county partnered with two non-profit agencies.  These are the Treasure Coast Homeless Services Council, Inc. (TCHSC) and the Indian River County Housing Authority.  While the TCHSC used NSP funds to purchase foreclosed homes, rehabilitate those units, and rent them to low and moderate income renters, the Housing Authority used NSP funds to purchase foreclosed homes, rehabilitate those units, and sell them to low, moderate and middle income home buyers.  Each organization was allocated approximately $2.1 million in NSP funds. 

AT THIS TIME, THE NSP1 GRANT IS COMING TO A CLOSE. ALL HOMES HAVE BEEN SOLD AND/OR RENTED. NO ADDITIONAL FUNDING IS CURRENTLY ANTICIPATED FOR NSP1. NSP homes may be available for purchase from Indian River County Habitat for Humanity through the County's Neighborhood Stabilization Program 3 (NSP3). For information about that program, visit: http://www.irccdd.com/NSP/NSP3.html

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