NSP funds provide targeted assistance to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
These homes are being offered to first-time homebuyers with total household incomes at or below 120 percent of median family income. Use the income limits chart to see if you're eligible. If you think you might be eligible, apply through the purchase assistance program.
About the Neighborhood Stabilization Program
On Sept. 29, 2008 the U.S. Department of Housing and Urban Development (HUD) published the Notice for Neighborhood Stabilization Program (NSP) funds. Marion County received an allocation of $6,324,055 for the purpose of providing emergency assistance in the redevelopment of abandoned and foreclosed homes and residential properties. In 2010, Marion County received a second allocation of $4,589,714 under the Wall Street Reform Act of 2010.These funds are considered a special allocation of the Community Development Block Grant and the program must follow all applicable federal regulations unless superseded or waived per the Housing and Economic Recovery Act of 2008.
Marion County held a series of public meetings to provide a forum for citizen input on the use of these funds. Initially targeted areas will be in those neighborhoods that meet the following criteria:
- Twenty-five or more foreclosed, abandoned and vacant homes per three square miles.
- Greatest percentage of subproof loans and most likely to face a significant rise in the rate of home foreclosures.
- Greatest number of foreclosed, abandoned and vacant properties causing significant blight/impact and higher crime rates according to local code and law enforcement.
- Cost to purchase and rehabilitate the homes would fit the required target income groups.
Initial target areas identified as facing the greatest risk of deterioration are:
- Sections of Silver Springs Shores.
- Sections of Marion Oaks.
- Rainbow Park.
- Ocala Park Estates.