What is the Neighborhood Stabilization Program (NSP)?
Congress created the Neighborhood Stabilization Program to help cities, counties and states deal with community problems that are the result of the mortgage foreclosure crisis in the nation. HUD provides money to approximately 250 local governments (cities and counties) and all 50 states.
How much money was awarded to Brevard County?
Brevard County received $5.2 million in NSP-1 funds and $3.03 million in NSP-3 funds. The RFP process for NSP-3 funds is still under review and has not been approved for dissemination.
How are the NSP funds being used in Brevard County?
In Brevard County, the funds are being used to buy, rehab, and resell and/or rent foreclosed and abandoned homes to households at or below 120% of Area Median Income (AMI), with a priority to veterans. Areas include unincorporated Brevard County and within the city limits of Cocoa and Rockledge.
Who is eligible to purchase/rent an NSP home?
Households at or below 50% of Area Median Income (AMI), with a priority to veterans are eligible to rent an NSP home. Households at or below 120% of Area Median Income (AMI), with a priority to veterans are eligible to purchase an NSP home. There are additional requirements for households purchasing an NSP home, such as completion of a mandatory 8 hour home buyer education course. According to the US Housing and Urban Development (HUD) program requirements, every potential homebuyer purchasing an NSP home must complete an eight (8) hour homebuyer education course that is HUD approved prior to closing.
NSP Homes Available for Rent
Note: All homes listed below must be rented to an income eligible ( at or below 50% Area Median Income) veteran household.