The program will likely play a major role in helping to stabilize the Pine Hills area, hard hit by rising foreclosures, mortgage delinquencies, vacant houses and high cost mortgages and so, some 150 residents of the area flocked to the Pine Hills Community Center recently, to hear first hand details of the Neighborhood Stabilization Program (NSP 3) Plan from Frantz Dutes, Assistant Manager, Orange County Housing and Community Development Division.
Dutes explained, Orange County had been awarded $11.5 million under NSP 3, which builds on an earlier Neighborhood Stabilization Program (NSP) created by Congress, to respond to rising residential foreclosures. Orange County had previously been awarded $27.9 million, the second largest within Florida.
Under the NSP 3 Plan, Pine Hills was identified as the area with the greatest need and under the program 25 percent of the allocation, representing approximately $2.8 million, must serve very low income families. Activities to serve this population will include home-ownership and rental housing activities.
Once qualifications are met, funding is available for the rehabilitation of foreclosed rental properties; acquisition and sale of foreclosed properties, and as well, there’s assistance for home-buyers, such as gap financing, down payment and closing cost. Funds can also be used for demolition of abandoned or blighted properties, Dutes said.
Orange County intends to purchase foreclosed or abandoned residential properties for providing affordable home-ownership or rental housing to individuals or families earning less than 50 percent of the Area Median Income.
NSP 3 aims to decrease the number of dilapidated or vacant units, enhance housing affordability, as well as, increase the level of home-ownership and availability of rental housing. In all this, the capacity of local housing developers is expected to be built.
Dutes said, in addition to Pine Hills, four other targets have been identified, namely, Meadow Woods, Azalea Park, Holden Heights & Oak Ridge and Union Park. Income from the program, amounting to about $10.5 million, would be reinvested in these other areas.
Pine Hills residents and business owners have until March 1, 2011, to provide additional comments on the NSP 3 Plan, Dutes said.
See the NSP 3 Plan Here.
For additional information, visit: ocfl.net/housing.
