Neighborhood Stabilization Program 3 (NSP3)
On October 19, 2010, the US. Department of Housing and Urban Development (HUD) announced the release of a third round of funding made available through the Neighborhood Stabilization Program (NSP3). Hidalgo County – Urban County Program is soliciting comments from the public regarding the proposed activities for the use of the allocated amount of $1,716,924 under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 for the purpose of acquiring, redeveloping and/or demolishing foreclosed properties.
The purpose of the program is to purchase foreclosed or abandoned homes and to rehabilitate, re-sell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
As per NSP3 requirements, grantees must use at least 25% of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50% of the area median income (AMI). In addition, all activities funded by NSP must benefit low-and moderate-income persons whose income does not exceed 120% of the area median income.
The proposed budget breakdown is as follows:
Planning and General Administration $ 171,692
Purchase/Rehabilitation/Re-sell $ 429,231 (25% for below 50% AMI)
Purchase/Rehabilitation/Re-sell $1,116,001 (below 120% AMI)
You can view the draft action plan and attachments here, before making your public comments by clicking on the link above or below:
GIVE YOUR COMMENTS ONLINE! Or you may send written comments to:
Hidalgo County Urban County Program
c/o Diana R. Serna, Director
1916 Tesoro Blvd
Pharr TX 78577
PH #: (956) 787-8127