This is the third round of NSP funding made available by United States Congress and is referred to as NSP3. The funds will be utilized for the redevelopment and/or rehabilitation of vacant and/or abandoned residential, commercial and/or industrial properties for the purpose of providing permanent affordable housing.
The U.S. Department of Housing and Urban Development (HUD) has allocated the amount of $3,285,926 in Neighborhood Stabilization Program funds to the County of Orange through the Housing and Economic Recovery Act of 2008. The funds will be utilized by selected developers to acquire abandoned or foreclosed homes with high foreclosure abandonment risk scores (as determined by HUD) in unincorporated areas and cities participating in the Urban County of Orange program or Tier 2 cities as designated by the County. The funds may be used for either homeownership or rental activities within County NSP guidelines. To receive these funds, the County adopted a substantial amendment which was submitted to HUD on November 25, 2008.
The County of Orange received allocations of Neighborhood Stabilization Program (NSP) funds from the US Department of Housing and Urban Development and the State of California. The funds may be used to acquire foreclosed and abandoned properties for homeownership and rental activities in eligible areas. Program funds are available for households at 120% Area Median Income (AMI) or below, with 25% of total funding targeted to households at 50% AMI or below.
Below is a list of the NSP developers approved by the Board of Supervisors. Please contact these agencies directly to find out how to qualify for this program; or for more information, Joanna Chang at 714-480-2993.
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