The Neighborhood Stabilization Program (NSP) is a federally funded initiative to provide emergency assistance to state and local governments for the redevelopment of foreclosed and abandoned homes. Sarasota County Government, because of its Community Development Block Grant (CDBG) entitlement, received an allocation of $7.1 Million. 

The key goal of NSP is to stabilize neighborhoods; while also providing affordable housing. To ensure the funds will go toward affordable housing, there is a requirement that program funds be expended that will benefit households that are at or below 100 percent of area median income (AMI) adjusted to household size. Furthermore, the grant also requires that 25 percent of the program benefit households at or below 50 percent of the AMI adjusted to household size.

Sarasota County’s goal for NSP is to create an opportunity for households with moderate or low income to own a home that is safe, healthy and continually affordable for the life of the property.

There are two main strategies under the NSP Program: homeownership and rental strategy. Sarasota County has partnered with non-profit partners to acquire and rehabilitate foreclosed or abandoned homes in Sarasota County.

These homes will either be sold to income eligible homebuyers or provide permanent affordable rental properties.

For more information read the Frequently Asked Questions (FAQs).