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-7�T <br />INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Jason E. Brown, County Administrator <br />THROUGH: Stan Boling, AICP; Community Development Director <br />THROUGH: Sasan Rohani, AICP; Chief, Long -Range Planning <br />FROM: Bill Schutt, AICP <br />Senior Economic Development Planner, Long Range Planning <br />DATE: March 28, 2017 <br />SUBJECT: Neighborhood Stabilization Program 3 (NSP3) Close-out <br />It is requested that the following information be given formal consideration by the Board of <br />County Commissioners at its regular meeting of April 4, 2017. <br />DESCRIPTION AND CONDITIONS <br />In early 2011, the U.S. Department of Housing and Urban Development (HUD), approved Indian <br />River County's application and action plan for $1,500,428 in Neighborhood Stabilization <br />Program 3 (NSP3) Community Development Block Grant (CDBG) funds. The purpose of the <br />Neighborhood Stabilization Program was to provide local governments with funds to stabilize <br />targeted areas within communities by purchasing foreclosed properties, rehabilitating those <br />properties, and selling or renting them to income qualifying households. <br />Since execution of the agreement with HUD, the County worked with Indian River County <br />Habitat for Humanity (IRHFH) to acquire, rehabilitate, and sell a total of seventeen (17) <br />foreclosed housing units to income qualified applicants. Although allowed by the program, none <br />of the homes assisted through NSP3 in Indian River County were used for rental purposes. All of <br />the County's $1,500,428 allocation from HUD plus an additional $311,392.19 in "Program <br />Income" funds (described below) were utilized for home purchase, rehabilitation, and resale <br />activities and for administrative activities. <br />For the first four (4) properties assisted through NSP3, IRHFH worked with a lender that <br />purchased applicant's 1St mortgages and those funds were returned to the County as Program <br />Income. Starting with the fifth property, the lender would no longer purchase the mortgages. As <br />a result, the County and IRHFH altered the approach so that the County now holds the 1 St <br />CAUsers\GRANIC—I \AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@E805DBF3\@BCL@E805DBF3.doc <br />P26 <br />