The Housing and Economic Recovery Act (HERA) was signed into law on July 30, 2008. NSP3, as amended by the Dodd-Frank Act, was signed into law on July 21, 2010. NSP3 provides funds to local governments for the purpose of acquiring, rehabilitating and reselling and leasing of eligible properties.

 
NSP3 provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.  NSP3 provides grants to every state and certain local communities, including Hernando County, to purchase foreclosed or abandoned homes. The funding is also used to rehabilitate, resell, or lease these homes in order to stabilize neighborhoods and stem the decline of housing values of neighboring homes.

The categories listed at the left provide more information about the NSP3.