Broward working to receive more neighborhood stabilization funds

In 2008, the economic downturn across the countrywas first felt in the nation’s housing market. A combination of excessive subprime lending, real estate speculation, easy mortgage financing, and a false assumption that real estate values would continue to increase, led to instability in real estate markets nationwide, a precipitous drop in housing values, and a burgeoning foreclosure crisis which has yet to subside.
The foreclosure crisis now affecting the nation can have long-term negative effects on Broward County‟s neighborhoods and communities. The same market instability that contributed to the surge in foreclosures during 2008 will be greatly aggravated by the steep increase in the numbers of abandoned, unkempt properties in the County, contributing to a spiraling cycle of declining real estate values. To that end, the United States Congress passed the Housing and Economic Recovery Act of 2008 (HERA). Title III of HERA establishes the Neighborhood Stabilization Program (NSP), and appropriates $3.92 billion for emergency assistance towards the rehabilitation of foreclosed homes and residential properties.

Broward County Housing Finance and Community Development Division Neighborhood Stabilization Program (“NSP2”) has applied for a second round of funding pursuant to federal regulations published in the Federal Register on May 4, 2009 and regarding an allocation of funds provided under the American Reinvestment and Recovery Act of 2009, also known as the “Neighborhood Stabilization Program 2 (NSP2)”, Broward
County proposes the following activities to be funded under its NSP2 application, should the County receive funding from the U.S. Department of Housing and Urban Development:

For comments or more information on Broward County’s NSP2 application, please contact John R. Batey, AICP, of the Housing Finance and Community Development Division at jbatey@broward.org or (954) 765-8971, or submit written comments to John R. Batey, AICP, Broward County Housing Finance and Community Development Division, 110 N.E. 3rd Street, Fort Lauderdale, FL 33301. A copy of this notice can also be viewed at
broward.org/housing.

Short URL: http://browardnetonline.com/?p=2563

Posted by Andrea Freygang on Sep 14 2009. Filed under Broward County. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.