St. Petersburg is using its $9.4 million dollar grant from the Neighborhood Stabilization Program (NSP) to purchase bank-owned properties in areas marked as high-priority by the Department of Housing and Urban Development. So far, the city owns four properties, is in the process of closing one more, and is looking to purchase another 15. Once purchased, the city will contract with developers to rehabilitate or rebuild the structures to sell to lower-income families.