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 Congress’s 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.

Department of Housing and Urban Development NSP Website

Quarterly Progress Reports
April 1, 2011 thru June 30, 2011 Performance Report
July 1, 2011 thru September 30, 2011 Performance Report
October 1, 2011 thru December 31, 2011 Performance Report