The Department of Housing and Urban Development (HUD) has awarded Sarasota County $3,949,541 and the City of Sarasota $1,038,811 in Neighborhood Stabilization Program 3 (NSP3) funds to purchase and rehabilitate foreclosed homes. These amounts were determined by a formula grant allocation.

The Sarasota County Commission authorized staff to prepare an NSP3 application to use these funds in the City of North Port.

The City of Sarasota Commission authorized staff to prepare an NSP3 application to use these funds in two neighborhoods adjacent to the current NSP2 area, Gillespie Park and Park East neighborhoods.

The key goal of the NSP3 program is to stabilize neighborhoods while also providing affordable housing. Program funds expended in the NSP3 program must benefit households at or below 120% of the area median income adjusted to household size. Further, the grant requires that 25% of the program funds benefit households at 50% of median income adjusted to household size.

NSP3 HUD Application - City of Sarasota

NSP3 HUD application - Sarasota County