|
Program Information
On September 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. These
funds are considered a special allocation of the Community Development
Block Grant and as such must follow all applicable Federal regulations
unless superseded or waived by HERA.
Marion County was required to submit an application for this grant
allocation in the form of a substantial amendment to the currently
approved 2008/09 CDBG Annual Action Plan. The deadline for submitting
this application to HUD was December 1, 2008.
Marion County held a series of public meetings to provide a forum for
citizen input on the use of these funds. Meetings were held Oct. 14, 22,
29, Nov. 5 & 13, 2008. The draft plan was published for public comment
on Nov. 7 and adopted by the Board of County Commissioners at a
regularly scheduled board meeting November 18, 2008.
NSP funds will provide targeted assistance to acquire and redevelop
foreclosed properties that might otherwise become sources of abandonment
and blight within their communities. Initially targeted areas will be in
those neighborhoods that meet the following criteria:
 |
25 or more foreclosed abandoned and vacant
homes per 3 sq. miles.
|
|
|
Greatest percentage of subprime 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 |
|
West Ocala |
|
|
Sections of Marion Oaks |
|
Northeast Ocala |
|
|
Ocala Park Ranch |
|
|
Marion County will use the following activities to stabilize and reverse
the effects of declining property values and blight in targeted areas:
| 1. |
Acquisition, Rehabilitation and Resale to income eligible
families - $4,288,750. |
| 2. |
Acquisition, Rehabilitation and Rental in a "lease-to-own"
option to income eligible families - $1,320,000. |
| 3. |
Demolition of homes that are blighted and not suitable for
rehabilitation, but are a major concern in the redevelopment
effort of the area - $82,900. |
Marion County must expend the total grant allocation within 18 months of
HUD's contract date which is March 3, 2009. A minimum of 25% of the
funds must be used to assist households at or below 50% of Median Family
Income (MFI). Up to 10% of the funds may be used for administrative
costs.
How can I buy one of these homes?
These homes are being offered to first-time homebuyers with total
household incomes at or below 120% of median family income. Use our
income calculator to see
if you're eligible. If you think you might be eligible, you need to
apply through the SHIP Purchase
Assistance Program.
NSP Plan submitted to HUD
Participating Non-Profit Housing Developers: |
