Hillsborough plans for Neighborhood Stabilization Program
Earlier this year, Congress passed the Housing and Economic Recovery Act of 2008. One component is the Neighborhood Stabilization Program. The $3.92 billion NSP gives grants to states and local governments for purchasing homes that are in foreclosure or in danger of being foreclosed upon.
Today, Hillsborough County met about the NSP with housing non-profit groups.
Hillsborough County will receive $19.1 million through the NSP and the city of Tampa will receive $13.6 million. Homes that are purchased through the program will be repaired, if needed, and sold or rented to low-income people.
Jack Carlisle is with the County Administratorâs office working for the Affordable Housing Office; he said the county has a formidable task to quickly prepare a plan to submit to the U.S. Department of Housing and Urban Development (HUD).
The county also met with lenders on Wednesday. Linette Glass is the Community Improvement Programs Manager with the Hillsborough County Affordable Housing Office. There are three HUD criteria for where the funds must be used, Glass said.
Based on those criteria, Hillsborough County will focus its efforts on three target areas, the University of South Florida area, Orient Park in East Tampa, and the Palm River/Clair Mel/Progress Village area. The county will facilitate several activities in those three areas, Glass said.
Of the $19.1 million the county will receive, $4.9 million must go toward housing for people with the lowest incomes -- 50 percent and below of the areaâs median income. The remaining funds will be used by the county, Glass said, to purchase about 87 homes.
âAcquisition, rehabilitation, demolition of acquired properties â if thereâs a house on there that needs to be demolished - then of course the sale of any acquired properties, land banking, and then redevelopment if we do demolish and we retain the ownership and we decide to develop the property. And that development could include commercial development as well.â
Funds from the sale of properties will be recycled into the program. The draft of Hillsborough Countyâs Neighborhood Stabilization Program is online. The public comment period closes on Sunday. The Hillsborough Board of County Commissioners will discuss the NSP during its Nov. 6 meeting.
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