DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (DODD-FRANK ACT)
The Neighborhood Stabilization Program 3 (NSP3) funds authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010, were awarded to states and selected local governments on a formula basis to mitigate the negative impact of the nation's economic decline and housing market collapse and to stabilize and revitalize communities/areas hit the hardest. NSP3 provides a third round of neighborhood stabilization grants. 50% of NSP3 funds must be expended in two (2) years and 100% in three (3) years. At least 25% expenditures must be for households below 50% of the Atlanta Area Median Income. The City of Atlanta was awarded $4,906,758 in NSP3 funds.
CITY OF ATLANTA NSP3 FUNDING AND TARGET AREA STRATEGY
While NSP3 funding can be used for a variety of activities the City took into consideration market conditions, housing goals, available funding and capacity when designing the NSP3 program and determining the NSP3 target areas. The City’s NSP3 funding priorities include:
1) rehabilitation of existing small multifamily projects in declining markets;
2) acquisition/rehabilitation of foreclosed and vacant properties for Homeownership in stable markets;
3) land banking of undeveloped residential subdivisions for future use in stable and declining markets.
A map of the five (5) selected areas can be viewed by clicking here.
To view the City of Atlanta NSP3 Substantial Amendment click here.
NSP3 QUARTERLY REPORTS
|QPR NSP3 Q1 2014|
|QPR NSP3 Q2 2014|
AMENDMENT TO THE NSP3 SUBSTANTIAL AMENDMENT (PUBLIC COMMENT PERIOD)
Due to market conditions and the decrease in the number of foreclosed homes, fewer homes than anticipated have become available for purchase in the current target areas. Therefore, the City of Atlanta proposes to amend the NSP3 Substantial Amendment to revise and expand our target areas.
City of Atlanta is a Fair Housing/Equal Opportunity/Handicap Accessible Jurisdiction.