Neighborhood Stabilization Program

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 under the NSP3 grant.

Amendment


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.

Goal of the Program


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.

Acquisition


The acquisition component of the project is just about completed, with the rehabilitation of many of these units is underway. Several have been completed and sold but there are many other homes that remain available. So as the rehabilitation of these homes reaches a level of substantial completion, the City will make these homes available for re-sale to eligible buyers.

Homebuyer Assistance


In addition to these homes being rehabilitated with Energy Star and Water Sense improvements and being hardened against Hurricanes, there is also Homebuyer Assistance available. The assistance is an amount of up to $55,000 per home, based on need. The assistance can be used towards the down payment and closing costs or could also be used to buy-down the established sales price.