Neighborhood Stabilization Dollars at Work in Hollywood

   HOLLYWOOD - You may have heard of something called the Neighborhood Stabilization Program (NSP), and wondered what it’s all about.  The Neighborhood Stabilization Program was created to help stabilize communities impacted by the real estate collapse and foreclosure crisis that began to hit neighborhoods across the country in 2008.  The federal government supplied funds to local governments to purchase and redevelop foreclosed and abandoned homes and residential properties hoping to prevent these properties from dragging down entire streets, blocks or neighborhoods.  NSP funds may also be used for things like establishing financing mechanisms for the purchase and redevelopment of foreclosed homes and residential properties; establishing land banks for foreclosed homes; demolishing blighted structures; and redeveloping demolished or vacant properties. 

   The City of Hollywood was awarded over $7.5 million in federal NSP dollars and the Department of Community Development and Code Compliance is now putting these funds to use in the City’s neighborhoods.  Here’s a look at the NSP project list:

  In mid-September, the Hollywood Housing Authority is scheduled to close on a 29-unit multi-family foreclosed rental property at 1735 Lincoln Street.  This complex will be rehabilitated and the apartments made affordable to households at or below 50% of the median income.

  A foreclosed single family home in the Driftwood neighborhood has been acquired under the lease-purchase program.  It will be renovated by the Hollywood Housing Authority and the home will be made available to a qualified household on the City’s First Time Home Buyer list.

  The Broward Alliance for Neighborhood Development (B.A.N.D.) has acquired nine foreclosed single family homes in neighborhoods throughout the City.  Plans are in place to renovate and rehab these homes.  Later this fall, the first of these renovated homes will be made available to persons on the First Time Homebuyer list.  Once sold, recaptured funds can be used to purchase and renovate additional homes.

  Contracts have been awarded for the construction of two new homes – one is on Dewey Street and the other is on Wiley Street.  These homes will also be available to households on the First Time Home Buyer list.

  The NSP funds are also helping to clear the way for significant redevelopment on Adams Street and Lincoln Street.  Currently, the demolition of vacant or abandoned properties is in progress and community meetings are being scheduled to get resident input on the future of these parcels.

   For additional information on community development projects in Hollywood go to www.hollywoodfl.org and click on “Community Development” under the “Select an Agency” menu, or call 954.921.3271.