Neighborhood Stabilization Program
Flagler County was identified for grant funding under the Neighborhood Stabilization Program 3 (NSP3) authorized by the Wall Street reform and Consumer Protection Act of 2010, also known as the Dodd-Frank Act. It subsequently submitted an Abbreviated Action Plan to the U.S. Department of Housing and Urban Development to secure $1.03 million in grant funding.
The County used its funds in State Strategy 1 for the acquisition and rehabilitation of eligible foreclosed properties to rent to qualified households. Per the State requirements, 25% of the funds were set aside to purchase properties and rent them to households whose incomes do not exceed 50% of the area median income (AMI). The remaining funds, less Program Administration costs, were used to purchase properties for rental units to households whose incomes are between 51 and 120% of the AMI.
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The application period has closed and Flagler County is in the process of closing out the grant.
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