Neighborhood Stabilization Program The Power of Community Todays Presentation Background Information State Neighborhood Stabilization Program Program Strategies Citizen Participation and Outreach Application Timeline Bid Documents for Related Services Other Related Efforts Background Information The Power of Community Federal Legislation Housing and Economic Recovery Act, 2008 Signed by President Bush on July 30, 2008 Allocated $3.92 billion through Community Development Block Grants (CDBG) for Neighborhood Stabilization Program (NSP) to state and local governments American Recovery and Reinvestment Act Additional $2 billion for NSP Purpose Reduce Bank-Owned Inventory Stabilize Home Values and Neighborhoods Get Families/Individuals into Homes Benefit Qualified Families/Individuals A s S oon A s P ossible NOT Foreclosure Prevention Program State Allocation State of Florida was allocated $91 million Must benefit qualified families/individuals 25% to benefit low-income persons/families Identified 26 communities for funding, including the City of Palm Coast Allocations Identified for the City Regular Allocation = $2,177,980 Supplemental Allocation = $486,923 Income Definitions AMI = Area Median Income Low-Income = Less than 50% AMI Qualified Families/Individuals = Less than 120% AMI Family Size1234