Flagler County has been identified for grant funding in the amount of $1,029,844 under the Neighborhood Stabilization Program 3 (NSP3) authorized by the Wall Street reform and Consumer Protection Act of 2010 (Dodd-Frank Act). In order to secure this grant funding, the County must submit an Abbreviated Action Plan to the U.S. Department of Housing and Urban Development by June 2, 2011.
The County plans to use its funds in State Strategy 1 for the acquisition and rehabilitation of eligible foreclosed properties to rent to qualified households. As per the State requirements, 25% of the funds ($257,461) will be set aside to purchase properties and rent them to households whose incomes are not more than 50% of the area median income (AMI). It is estimated that this will address two (2) or more properties. The remaining funds (except for Program Administration), $702,354 will be used to purchase properties and rent them to households whose incomes are between 51 and 120% of the AMI. It is estimated that this would address five (5) or more properties.