Community Development – Neighborhood Stabilization Program
The Neighborhood Stabilization Program (NSP) provides funding to stabilize neighborhoods whose viability have been, and continue to be, damaged by the economic effects of properties that have been foreclosed upon and abandoned.
Pinellas County has conducted three rounds of the program through funding from the U.S. Department of Housing and Urban Development. Learn more about the three rounds of funding and view quarterly performance reports for each round below.
For additional information contact Pinellas County Community Development at (727) 464-8210.
NSP Round 3 – $4.6 Million
The U.S. Department of Housing and Urban Development allocated additional funding of $4.6 million to Pinellas County, authorized under Section 1497 of the Wall Street Reform and Consumer Protection Act of 2010, for the third round of the Neighborhood Stabilization Program (NSP).
Pinellas County submitted a substantial amendment to the 2011-2015 Five Year Consolidated Plan and the 2010-2011 Annual Action, in order to access the $4,697,519 allocation of funds.
NSP Round 1 – $8 Million
The U.S. Department of Housing and Urban Development authorized funding for the initial round of the Neighborhood Stabilization Program under Title III of the Housing and Economic Recovery Act of 2008. Funding was used for emergency assistance to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
Pinellas County submitted an amended 2008-2009 Action Plan in order to receive $8,063,759 in funding. A Second Amendment was submitted to expand the program areas.
NSP1 and NSP3 Quarterly Performance Reports
NSP1 and NSP3 Quarterly Performance Reports can be viewed on HUD’s Neighborhood Stabilization Program website.
Round 2 – $17.8 Million
Pinellas County received $17.8 million from the U.S. Department of Housing and Urban Development for the second round of the Neighborhood Stabilization Program. The funding is part of a $50 million award to Florida Suncoast Partners, a consortium consisting of Neighborhood Lending Partners, Pasco County, and Pinellas County. The cities of Clearwater and Largo also partnered with the consortium to prepare the grant. Pinellas County’s share will be used in eligible neighborhoods throughout unincorporated Pinellas, Largo, Clearwater, Safety Harbor, Dunedin, Tarpon Springs and Oldsmar that represent a high number of foreclosures.
The money was used to purchase and renovate Single-family and multi-family properties in physical decline. Once properties were refurbished they were sold or rented to income-qualified households. Help with down payment and closing costs was also available under the program.
NSP2 Quarterly Performance Reports
NSP2 plans and reports can be viewed on Neighborhood Lending Partners website.