Neighborhood Stabilization Program 3 (NSP3)
On March 18, 2011, the City of Palm Bay’s Housing and Neighborhood Development Services Division (HANDS) signed a Grant Agreement with the U.S. Department of Housing and Urban Development (HUD) for the release of Community Development Block Grant funds in the amount of $1,764,032 under the Frank Dodd Act which represents the third round of the Neighborhood Stabilization Program funding and is referred to as “NSP3”.
The purpose of HUD’s new Neighborhood Stabilization Program (NSP3) is to provide 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 NSP3 provides grants to states and certain local communities 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.
NSP3 Quarterly Reports 2012
NSP3 Quarterly Reports 2011