The City of Orlando is seeking an additional $3 million from the Department of Housing and Urban Development (HUD), to assist neighborhoods impacted by concentrated foreclosures.
If awarded, these federal funds will be disbursed under the Neighborhood Stabilization Program (NSP 3) and go toward purchasing foreclosed properties and rehabilitating houses for sale in District 2 neighborhoods.
According to a release from the Mayor’s office, the funds must target a single area where the greatest impact of neighborhood stabilization can be realized with the amount of funding available. The City has identified the following neighborhood boundaries in which the funds will be invested: Lake Underhill Road, Curry Ford Road, Semoran Boulevard and South Conway Road.
The City has already secured $6.7 million from HUD to implement previous NSPs and to date, purchased a total of 46 properties with 23 already rehabilitated and now sold or rented. Another 18 homes have been rehabilitated and are available for purchase, with another five currently under renovation.
Residents interested in purchasing a home through the Neighborhood Stabilization Program can find a complete listing of available homes and eligibility requirements at www.cityoforlando.net/housing.
