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� . 4OP-1 C <br /> f � <br /> Neighborhood Stabilization Program ( NSP3) Single - Family Purchase , <br /> Redevelopment and Sales Program Manual : <br /> Indian River County <br /> I . Purpose <br /> The purpose of this Manual is to govern the implementation of Indian River County' s <br /> Neighborhood Stabilization Program 3 ( NSP3 ) single -family acquisition , rehabilitation and home <br /> sales program . The Manual includes policies and procedures to be followed regarding property <br /> acquisitions, rehabilitation/construction, marketing, intake applications, counseling, sales, <br /> recapture - resale control mechanisms, and eligible uses of NSP3 funds . <br /> II . Definitions <br /> Applicant : A person or persons who have applied to Developer for approval of an NSP3 home <br /> purchase and Homeowner Financial Assistance . <br /> Grantee : Indian River County <br /> Developer : Indian River Habitat for Humanity . <br /> NSP3 : The 3 `d round of funding provided through the United States Department of Housing and <br /> Urban Development ( HUD ) Neighborhood Stabilization Program , established by the Wall Street <br /> Reform and Consumer Protection Act of 2010 to stabilize neighborhoods whose viability has <br /> been and continues to be damaged by the economic effects of properties that have been <br /> foreclosed upon and abandoned . For more information , see the NSP3 website : <br /> http :// hud . gov/offices/cpd /communitvdevelopment/ programs/ neighborhoodspg/ <br /> NSP3 Agreement : An agreement entered into by Grantee and Developer for the purpose of <br /> funding and carrying out NSP3 - eligible activities on one or more NSP34igible properties . <br /> NSP3 Buyer : The buyer of an NSP3 Home . <br /> NSP3 Property : A property that is acquired and rehabilitated , newly constructed or <br /> reconstructed pursuant to Developer' s agreement with Grantee . <br /> NSP3 Home : An NSP3 property that is being sold to an owner-occupant . <br /> NSP3 Program Budget : The budget attached to an NSP3 Agreement showing projected <br /> development costs and funding for Developer' s entire NSP3 program in the aggregate . <br /> Project Specific Budget : A budget showing projected development costs and funding for a <br /> single NSP3 Property . <br /> Project Funding : Any and all governmental and private funds, including Developer' s cash , used <br /> to pay for the costs to carry out the redevelopment of a single NSP3 - assisted property . <br /> 1 <br />