Neighborhood Stabilization Program
The Neighborhood Stabilization Program (NSP) was established by the Department of Housing and Urban Development (HUD) for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through assisting in the purchase and redevelopment of foreclosed and abandoned residential properties, NSP is helping localities meet the goal of the program. NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis. The City of Baltimore has received $5.8 million under NSP 1.
4/12/11 -St. Ambrose Housing Aid Center seeks qualified general contractors Find out more .
3/30/11 -Download the NSP2 Substantial Amendment Request
5/10/10 -Download the Substantial Amendment for the Use of Federal Neighborhood Stabilization Program Funds
Quarterly progress reports on the Neighborhood Stabilization Program
Nature of Program
NSP is a component of the Community Development Block Grant (CDBG). The CDBG regulatory structure is the platform used to implement NSP and the HOME program provides a safe harbor for NSP affordability requirements.
NSP grantees develop their own programs and funding priorities. However, NSP grantees must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income households whose income does not exceed 120 percent of area median income.