Fulton Commissioners Approve Substantial Amendment to Allow Acceptance of $3,094,885 in NSP 3 Funding | Print |

The Fulton County Board of Commissioners approved a “Substantial Amendment” to submit to the Department of Housing and Urban Development that will allow the County to accept $3,094,885 in Neighborhood Stabilization Program 3 (NSP3) funds on February, 16, 2011. 

The funds will be used to address foreclosed and abandoned properties within Fulton.  The funding excludes Atlanta, Johns Creek and Sandy Springs, cities that are entitled to receive funds outside of the County’s jurisdiction.

The proposed NSP County funded activities include

Activity Total
-Acquisition of Foreclosed/Abandoned Properties $1,411,675.00
-Rehabilitation of Foreclosed/Abandoned Properties $   500,000.00
-Set-aside Requirement $   773,721.00
-Housing Assistance $   100,000.00
-Planning and Administration $   309,488.00
 Total $3,094,885.00

Public hearings were held on February 9, 2011, at the Roswell and Southwest Regional Libraries.  Written comments also were encouraged from citizens who were unable to attend the hearings.  The amendment was available for review on the Fulton County Website and nine other locations throughout Fulton County.

Commissioners first approved funds under NSP 1 in October 2009, for acquisition, rehabilitation, housing counseling and asset management services for single-family foreclosed properties.  After the rehabilitation work is completed, the homes are advertised for sale to citizens that meet income eligibility requirements. 

In response to the continued national foreclosure and subprime lending crisis, Congress authorized another round of funding under the Neighborhood Stabilization Program.  Under NSP 3, Fulton is one of fifteen Georgia municipalities that qualified for NSP 3 funding.  The NSP 3 funds would also be used to address critical housing needs in the County’s highest risk census tracts due to foreclosures, abandonment and blight.

Each of the participating jurisdictions is required to use the HUD Foreclosure Need website (HUD’s Mapping Tool) to submit to HUD the locations of its NSP 3 areas of greatest need and reflect a viable impact on these revitalizing distressed communities.

Under the criteria established under the need site, District 7 was determined to be the area with elevated rates of serious mortgage delinquency and a high concentration of lender-owned foreclosed properties.

For more information, contact Lolita Collins at 404-612-8067