ALACHUA COUNTY, FL - Alachua County’s Draft Application for the Neighborhood Stabilization Program 3 (NSP3), is now available for the public to review and provide comments. It is posted on the County’s website for a minimum of 15 days in compliance with the rules and regulations of the Neighborhood Stabilization Program 3. The document was posted on the County’s website on Thursday, May 12, 2011.
Click here to view the draft application.
Last month, The Alachua County Board of County Commissioners notified the State of Florida Department of Community Affairs of its intent to apply for a federal grant in the amount of $1,029,844 to stabilize neighborhoods which have been adversely impacted by foreclosure. This program is designed to reduce the inventory of foreclosed properties on the market, which currently is adversely impacting local housing market conditions.
According to the National Association of Realtors, “While new construction is the traditional driver of supply in real estate, foreclosures now have a strong impact on inventories, particularly at the local level. Rising inventories, through construction or foreclosure, place downward pressure on the median home prices... The longer foreclosed or abandoned properties stay on the market, the greater the threat on the community’s vitality.”
This program is funded by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Using funds from NSP 3, Alachua County proposes to purchase and repair seven foreclosed properties in the eastern portion of Alachua County. Homes will be made available for resale or as rental property to income eligible households. Proceeds from the sales of NSP homes would be used to acquire and rehab additional homes, reducing the inventory of foreclosed properties in Alachua County, while as a secondary benefit, providing housing affordable to low to moderate income households. The NSP 3 grant application will go before the Alachua County Board of County Commissioners will be considered for approval at its May 24, 2011 meeting. Comments may be submitted to: Tom Webster, Housing Programs Manager, at twebster@alachuacounty.us or mail to Tom Webster, Housing Programs Manager, 10 SW 2nd Avenue, Gainesville, FL 32601. Any public comments received will be forwarded to the Board of County Commissioners for its information.
For more information, click here or contact Tom Webster at 352-337-6285.