NSP3 Substantial Amendment
On April 1, 2011 the City of Margate received $1,148,877.00 in Neighborhood Stabilization Program 3 (NSP 3) funds. Pursuant to federal regulations published in the Federal Register at 75FR 64332 and regarding Title III of the Housing and Economic Recovery Act of 2008 as amended in accordance with Title X11 of Division A of the American Recovery Act of 2009, as amended, additional funds were allocated under Section 1497 of the Wall Street Reform and Consumer Protection Act of 2010, for the Neighborhood Stabilization Program 3 (NSP 3). The City of Margate proposes to amend the original planned Activities as stated below. The Activities will still be funded under the initial NSP 3 allocation received from the U.S. Department of Housing and Urban Development.
The City is removing Activities 1 (Purchase Assistance) and 3 (Rehabilitation Assistance). The allocation for both Activities will be transferred to a new Activity 1 (Acquisition and Rehabilitation LMMI). Activity 2 (Acquisition and Rehabilitation LH 25% Set Aside) will remain the same. Activity 4 (Administration) will now become Activity 3. Program income derived from these activities will be returned to the project to acquire, rehabilitate, and resell additional properties.
Activity 1 and 2 are defined as:
Foreclosure Acquisition, Rehabilitation, and resale of Single-Family sites scattered throughout the City. Resale of the property will be made to eligible NSP 3 moderate and low income households.
Beginning February 13, 2012 the City hereby invites citizens to comment upon the proposed substantial amendments to the above referenced NSP 3 activity. To comment or for more specific information, please contact the City of Margate Economic Development Department located at City Hall, 5790 Margate Blvd, Margate, FL 33063, 954-972-6454 by March 7, 2012.
The period for comments or inquiries regarding this Substantial Amendment shall begin on February 13, 2012 and shall end on March 7, 2012 as stated above.
The City of Margate is Section 3 Compliant and encourages participation.
Click here for the City of Margate's NSP3 Substantial Amendment **NOTICE! LARGE FILE SIZE (6MB)**