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Neighborhood Stabilization Program (NSP-1)

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The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.

The award allocates $18,605,460 to unincorporated Sacramento County and $13,264,829 to the City of Sacramento. These funds are administered by SHRA and will be targeted to areas that are hardest hit by foreclosures and subprime lending.

The NSP targets areas in the City and County that are most severely impacted by foreclosures and in weaker housing markets that are not as readily able to recover without assistance.

Several new programs have been developed under the NSP with similar shared goals to:

• Return vacant foreclosed or abandoned residential properties to occupancy as quickly as possible;

• Revitalize neighborhoods through strategic redevelopment, rehabilitation and reuse of vacant properties; and

• Provide affordable homeownership and improved affordable rental opportunities to Sacramento families.

The NSP Amendments to the 2009 Action Plan adopt the issuance of foreclosure funding as part of a special allocation of Community Development Block Grant (CDBG) funding through the Department of Housing and Urban Development and the specific programs to be implemented.

Neighborhood Stabilization Program Substantial Amendment - City

Neighborhood Stabilization Program Substantial Amendment - County

Neighborhood Stabilization Program Implementation - City

Neighborhood Stabilization Program Implementation - County

NOTE: Funds distributed as part of the NSP will not be provided directly to homeowners to refinance existing mortgages.

Other resources are available for homeowners looking to avoid foreclosure. For assistance in purchasing a foreclosed home, please read about our Affordable Housing & Homeownership programs. The majority of the NSP funds will be loaned to developers to facilitate the purchase, rehabilitation, and resale of foreclosed properties.

Questions about Sacramento’s Neighborhood Stabilization Program may be directed to (916) 440-1318 or email SacramentoNSP@shra.org.

Contact:

Chris Pahule, Assistant Director, Community Development

(916) 440-1322

cpahule@shra.org