The Neighborhood Stabilization Program (NSP), which is administered by the Housing Finance Agency (HFA), offers financing to local municipalities and affordable housing developers to acquire and redevelop foreclosed, abandoned, and vacant properties. Once renovated or newly constructed, homes are sold or rented to low-, moderate-, and middle-income households, with mandated long-term affordability. NSP funds are also available for local land banking initiatives focused on foreclosed residential properties, and selected demolition of blighted properties in targeted neighborhoods. The program, funded with Federal and State funds, targets communities most severely affected by the foreclosure and subprime crisis.
HFA received approval for the State's initial allocation of Federal NSP1 funds in January, 2009. Click here to read the final plan for NSP1 funding that HFA filed with the U.S. Department of Housing and Urban Development (HUD).
On April 14, 2009, Governor Paterson announced that $59 million in NSP1 grant awards would be distributed to 29 local programs throughout the state. To see an updated list of NSP1 grantees, click here.
On October 19, 2010, HUD announced the NSP3 program, which provides the State with an additional Federal allocation of $5 million in NSP funds. A first NSP3 Substantial Amendment, outlining the process by which funds were awarded, was submitted to HUD on March 1, 2011, and may be viewed here:
A second NSP3 Substantial Amendment, outlining the use of these funds, was submitted to HUD on June 30, 2011, and may be viewed here:
A third NSP3 Substantial Amendment, outlining a revised use of these funds, was submitted to HUD on April 3, 2013, and may be viewed here:
A fourth NSP3 Substantial Amendment is currently available for public comment from Monday, September 16, 2013 through Monday, September 30, 2013. The document may be viewed here:
To view HFA's Quarterly Performance Reports for NSP1 click below:
[Note: corrections to this report, based on recent guidance from HUD, are reflected in the next QPR for the period ending March 31, 2010.]
To view HFA's Quarterly Performance Reports for NSP3 click below:
For NSP Grantee Disbursement Request Forms click here.
For NSP Legal Document Forms click here.
For NSP Budget Change Requests click here.
Questions concerning NSP should be sent to email@example.com
Last updated: 11/01/13