NSP

Neighborhood Stabilization Program

Neighborhood Stabilization Program (NSP)

 

house in Sanford

The Neighborhood Stabilization Program (NSP) was established for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes. This is accomplished by providing states and local governments, non-profits, and consortiums of non-profits financial assistance to encourage programs to stabilize neighborhoods whose viability has been and continues to be damaged by the economic effects of properties that have been foreclosed upon and abandoned.  The Department of Housing and Urban Development awarded the City of Sanford a three (3) year grant of $1,037,697.00 to implement the NSP-3 program. The three year period runs from March 2011 – March 2014. The $1,037, 697.00 is for the City of Sanford to acquire, rehabilitate, and resell 12 foreclosed and or abandoned properties and demolish ten (10) properties in the target area,


 

Eligible Uses:

 NSP3 funds may be used for activities which include, but are not limited to:  

  • Establish financing mechanisms for purchase and redevelopment of foreclosed, short sale, or  abandoned homes and residential properties

  •  Purchase and rehabilitate homes and residential properties abandoned, foreclosed, or short sale

  •  Establish land banks for foreclosed homes

  • Demolish blighted structures Redevelop demolished or vacant properties

 

City of Sanford Program Uses:

 The City of Sanford NSP-3 grant stipulates the following eligible activities:

 Eligible Use B: Acquisition and Rehabilitation which includes purchase and rehabilitate foreclosed and abandoned properties for sale, rental or redevelopment.            

 Eligible Use D: Demolition of blighted structures

The target area for the NSP program is determined by the following criteria:

  1. Percentage of foreclosed homes
  2. Number of foreclosures started within the last year
  3. Number of properties with delinquent mortgages
  4. Number of vacant units
  5. Overall foreclosure need score

Based on the aforementioned criteria the NSP program will focus on properties in census tracts 0204.01 and 0203.02.