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The Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program provides 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 original allocation of these funds, now referred to as NSP1, was authorized under Title III of the Housing and Economic Recovery Act of 2008. The City of Miami Gardens was allocated $6,866,119.02 under the NSP1 Grant. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act provided a third round of funding, referred to as NSP3. The City of Miami Gardens was allocated $1,940,337.00 under the NSP3 grant.
For both NSP1 and NSP3, HUD limited the activities for which these funds could be used. For each of the grants, the City of Miami Gardens prepared and submitted an Amendment to the City's Annual Action Plan which outlined the activities the City would carry out with these funds. Both Action Plans were approved by City Council and subsequently accepted by HUD.
Ultimately, the goal of the NSP is to return vacant, foreclosed or abandoned residential properties to occupancy as quickly as possible; revitalize neighborhoods through the rehabilitation, redevelopment and reuse of these vacant properties; and to provide affordable homeownership within the City.
Under the NSP1, the City of Miami Gardens has purchased over 60 vacant, foreclosed single family properties, and has rehabilitated and redeveloped 37 of those properties thus far. In addition, the City has demolished over 10 properties previously deemed unsafe and blighted with the intent to redevelop new single family homes on those parcels.
Most importantly, the City has sold over 20 homes and has more than 10 others under contract to qualified first time homebuyers; each homebuyer receiving financial assistance from the City in an amount of up to $55,000 for their down payment and closing costs. The amount each buyer received was based on their actual need and to ensure affordable homeownership. The homes have been strategically priced to achieve the highest market value possible. This is done as an attempt to reverse some of the negative impact created by the initial foreclosure. Yet the City has not made any profit from the sales. In fact, the NSP prohibits setting a sales price that exceeds the total amount spent by communities in the acquisition, rehabilitation, and homebuyer assistance of the properties. Proceeds received from the sales are generally amounts much less than the total expended per home and the proceeds are used to acquire more vacant, foreclosed and abandoned residential properties.
Contrary to NSP 1, under the NSP3, the City was required to identify "Specific Areas of Greatest Need", as opposed to considering properties throughout the entire City. After extensive research and data collection, it was obvious that many neighborhoods were in similar situations. However City Staff had to identify those neighborhoods with the greatest need that continue to decline. The two (2) neighborhoods identified were Riverdale, located between NW 207 and 215 Street and 27 thru 37 Avenue, and Rainbow Park, located between NW 151 and 155 Street and 17 thru 27 Avenue. In both areas, the research revealed that high mortgage delinquency rates, the number of vacant properties, foreclosure filings and bank owned properties surpassed other areas within the City. The City's NSP3 Funding was significantly less than NSP1. Nonetheless, communities funded under this grant are expected to make a significant impact to reverse the foreclosure crisis. To do so, the City intends to seek partnerships with agencies, organizations and/or developers with access to additional funds that can be used to leverage the City's grant and make a significant impact within these areas.
For More Information
The Neighborhood Stabilization Program (NSP) Rounds 1 and 3 are administered by the Department of Community Development. If you are interested in learning more about this or any other program carried out by the Department, please contact our office at (305) 622-8041.
If you are interested in learning more about the homes available for sale or would like to apply to purchase a home by way of the NSP, please click on the "properties" link above. There you will find the next group of homes that are ready for purchase. For each home, you will find a flyer with interior and exterior pictures and an application. If you do not see a home that interests you at this time, we encourage you to check periodically as new homes are added as they are ready for purchase. This program is designed to help only buyers who intend to purchase and live in the home they buy. Buyers interested in purchasing a home only for the purpose of renting it as an investment will not be considered.