The Neighborhood Stabilization Program (NSP), which is run by the Housing Finance Agency (HFA), offers subsidies to local municipalities and nonprofit housing providers to buy and redevelop foreclosed and abandoned homes and vacant properties. Once renovated or newly constructed, the homes will then be 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 NSP funds (Round 1) in January, 2009. Click here to read the final plan for Round 1 of NSP 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 Round 1 NSP grant awards would be distributed to 29 local programs throughout the state. To see an updated list of NSP grantees, click here. Local awardees have begun to acquire and redevelop foreclosed and vacant properties and will have until March 20, 2013, to fully utilize the funds.
On October 19, 2010, HUD announced Round 3 of the NSP program, which provides the State with an additional Federal allocation of $5 million in NSP funds. A first NSP3 Substantial Amendment was submitted to HUD on March 1, 2011, and may be viewed here:
A second NSP3 Substantial Amendment was submitted to HUD on June 30, 2011, and may be viewed here:
To view HFA's Quarterly Performance Reports for Round 1 click below:
October 1st - December 31st, 2009
[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 Round 3 click below:
For NSP Round 1 Grantee Disbursement Request Forms click here.
For NSP Round 1 Legal Document Forms click here.
For Requests for Re-obligation of NSP Funds click here.
Questions concerning NSP should be sent to nsp@nyshcr.org
Last updated: 4/30/2012
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