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Neighborhood Stabilization Program (NSP-2)
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NSP-2 Submitted Application (July 2009) [PDF 8.36MB]
Through the American Reinvestment and Recovery Act (ARRA), Congress authorized $2 billion in funding for the Neighborhood Stabilization Program (NSP-2) to be awarded on a competitive basis to local jurisdictions, non-profits and consortiums. The United States Department of Housing and Urban Development (HUD) released the Notice of Funding Availability (NOFA) on May 4, 2009, with applications due on July 17, 2009. The following SHRA staff reports to the Sacramento City Council and County Board of Supervisors detail the requirements of the NOFA and recommend that SHRA apply for up to $36,811,500 in NSP-2 funding on behalf of a consortium of the County of Sacramento and the Cities of Sacramento, Rancho Cordova and Citrus Heights. The reports will be presented before the City Council and County Board of Supervisors on July 14, 2009. NSP-2 - City and County of Sacramento Staff Reports, July 14, 2009 SHRA’s NSP-2 application builds off the Agency’s capacity and experience in community development and affordable housing in Sacramento, requesting additional NSP dollars to impact at least 500 homes in 59 census tracts countywide. SHRA’s NSP-2 target areas are characterized not only by high rates of foreclosure, but also by severe physical blight, poverty and investor ownership. Like NSP-1, most of the NSP-2 target areas overlap with State of California designated redevelopment area boundaries, allowing SHRA to use NSP-2 funds to supplement years of investment and community efforts to revitalize the troubled areas. SHRA’s NSP-2 activities continue to focus significantly on housing rehabilitation, engaging for profit and non profit community partners to acquire and rehabilitate existing housing units. Additional NSP-2 funds will be used for very targeted redevelopment activities, including site assemblage, demolition and new construction. Finally, some NSP-2 dollars will be available for homeowners purchasing foreclosed homes, to ensure that new homeowners are financially secure. Building off the current success of NSP-1 and the years of experience that SHRA has working in these neighborhoods, SHRA is confident that NSP-2 dollars will strengthen and stabilize some of the most challenging neighborhoods in Sacramento. 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 |
08/21/2009
