The Neighborhood Stabilization Program of Lee County (NSP) has reached an important milestone, by obligating all of the $18 million received from the Federal Housing and Economic Recovery Act.

“We had until September 3 to obligate all of our funds and we have now reached our goal with the closing on what will become a new Lehigh Community/Social Service Center,” said Lee County’s NSP Program Coordinator Shawn Tan.

“We were able to beat our original goal to acquire 115 single family homes and 50 multifamily housing units by the September deadline,” she said. Most of the homes are in the Lehigh Acres area.

To date, Lee County has purchased 122 homes. As these homes are rehabilitated, they are being sold to qualified buyers. The county uses sales proceeds to purchase additional houses, with an ultimate goal to sell 200 or more homes. Non-profit partners acquired 70 multifamily housing units which are being rehabilitated and will be used to provide affordable rental housing, Tann said.

NSP funds are used to buy and rehabilitate vacant foreclosed properties in the neighborhoods hardest hit by the housing crisis. Once the properties are renovated to move-in quality condition, the homes are sold to qualified Lee County homebuyers.

Now that all of the original funds are obligated, Lee County should qualify to receive more federal funding assistance in October as part of a third phase of the NSP program, Tan said.

The county makes no profit on these homes and provides financial assistance in the form of a second mortgage and help with closing costs. The silent second mortgage is essentially an interest-free loan with no payments during the time the new homeowner occupies the home as his homestead. An average of $50,000 received from the sale of homes to Lee County homebuyers flows back into the program, Tan said.

Charlotte Rae Nicely, executive director of Lehigh Community Services and the United Way House will run the new Lehigh Community/Social Service Center.

Nicely said that the $400,000 center will provide a wide array of services for very low income residents. The site of the new center has not been announced by Nicely yet.

“We are hopeful to have many more services as soon as we get settled in. I am working on a wish list right now!” said Nicely. “We now provide a food pantry, limited financial assistance, budget classes, career classes, a food stamp ACCESS program, literacy tutoring, and a Dubin Alzheimer support group. We are in the talking stages with other agencies who want to participate.”

For more information on the NSP Program, go to: www.nsp.leegov.com. You can also get more information from Shawn Tan at 533-7941, or MerriBeth Farnham at 239-464-3345. Nicely can be reached at 239-369-5818.