Indian River County Florida
 
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Neighborhood Stabilization Program
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INDIAN RIVER COUNTY NEIGHBORHOOD STABILIZATION PROGRAM 3

As part of its effort to assist local governments in their recovery from the ongoing effects of the economic and housing crisis, the federal government enacted the Wall Street Reform and Consumer Protection Act of 2010, Public Law 111-203, also referred to as the Dodd-Frank Act. Included as part of that act was an allocation of $1 billion in Community Development Block Grant (CDBG) funds under the Neighborhood Stabilization Program (NSP) for states and local jurisdictions throughout the country to purchase and redevelop abandoned, vacant, and foreclosed properties.

This is Congressís 3rd allocation of funds to the NSP; as such, this allocation is commonly referred to as NSP3. Previous allocations to the NSP were made by Congress in 2008 (NSP1) and in 2009 (NSP2). While Indian River County was awarded and is currently using $4,680,825 in NSP1 funds to purchase and rehab residential units, the County did not receive funding from NSP2.

Of the $1 billion in NSP3 funds, $1,500,428 was earmarked by the Department of Housing and Urban Development (HUD) for Indian River County. Although $1.5 million in NSP3 funds was earmarked for the county, the county needed to submit a formal abbreviated action plan (application) to HUD in order to obtain the funds. That abbreviated action plan, which was approved by the Board of County Commissioners on February 15, 2011, indicated that the County would work with Indian River Habitat for Humanity to implement NSP3 activities.

The abbreviated action plan was submitted to HUD on February 25, 2011 and was ultimately approved by HUD. On March 22, 2011, the BCC formally entered into an agreement with HUD to expend NSP3 funds consistent with the abbreviated action plan.

Proposed Revised Abbreviated Action Plan
With the slow down in the foreclosure process by lenders and processers, fewer homes than anticipated have become available for purchase in the current NSP3 target area. Therefore, the NSP3 Abbreviated Action Plan is now proposed to be amended to increase the size of the NSP3 target area.

With the proposed expansion, the target area boundaries will be 25th street S.W. on the south, 43rd Avenue on the west, 4th Street on the north, and Old Dixie Highway on the east. The proposed revised NSP3 Abbreviated Action Plan contains a map showing the new target area and contains related proposed text amendments in strike-through and underline format supporting the proposed target area expansion.

View the proposed revised NSP3 Target Area Amendment.

Public Hearing to Review the Proposed Revised NSP3 Abbreviated Action Plan
A public hearing before the Indian River County Board of County Commissioners (BCC) to review a proposed revised NSP3 Abbreviated Action Plan is scheduled as part of the BCC's regularly scheduled meeting on Tuesday, July 17, 2012, starting at 9:00 a.m. or as soon thereafter as possible.

View a copy of the advertisement

Pending Board of County Commissioners approval, the proposed revised NSP3 Abbreviated Action Plan will be submitted to HUD for review and approval after July 18, 2012. All citizen comments received prior to July 18, 2012 will be addressed. Comments should be sent to:

Robert M. Keating, AICP
Community Development Director
Indian River County Community Development Department
1801 27th Street
Vero Beach, Florida 32960

Quarterly Performance Reports
The Community Development Department is required to post its quarterly reports on its Web site so that the public will be able to follow its progress.

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