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September 23, 2010: City successfully meets deadline to obligate funding for Neighborhood Stabilization Program, will receive new third-round funding
 

The City has obligated 100% of the $3,378,142 of the Neighborhood Stabilization Program (NSP) funds to help purchase and rehabilitate foreclosures. NSP funds were provided through the Federal Housing and Economic Recovery Act (HERA) and required that all funds related to this program be obligated within 18 months of receiving funds from the Federal Government.     

On September 8, 2010, U.S. Housing and Urban Development announced the award of an additional $1 billion in funding for a third round of funding for the NSP Program. Through NSP 3, Coral Springs will receive an additional $1,657,845 in funds. 

Since the program’s inception, the City has assisted in the purchase of 30 foreclosed homes with an additional 10 homes currently under contract. In all, 40 homes will be purchased, providing direct reinvestment into City neighborhoods.  In addition, each of the 40 homeowners received funds for home repair for health and safety related improvements.  

HUD staff has not yet launched the NSP 3 program and there are no specifics on when funding will become available.  For future updates on NSP 3, please visit www.CoralSprings.org/CommunityDevelopment/Housing or call the City’s automated NSP information line at 954-344-1154, option 1. 

Posted:9/23/2010
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