![]() Establish funding mechanisms for the purchase and redevelopment of foreclosed homes including soft-seconds, loan loss reserves, and shared equity loans for low-and moderate-income home buyers.Ī home is abandoned when mortgage or tax foreclosure proceedings have been initiated for that property, no mortgage or tax payments have been made by the property owner for at least 90 days, AND the property has been vacant for at least 90 days.Ī structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety, and public welfare.Ī property “has been foreclosed upon” at the point that, under state or local law, the mortgage or tax foreclosure is complete.Establish or enhance the capacity of land to assist in property redevelopment efforts.Redevelop demolished or vacant property.Purchase and rehabilitate foreclosed properties in order to sell, rent, or redevelop such homes and properties.NSP funds can only be used for the following activities: Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. NSP funds can not be used to acquire homes from current owners. The Neighborhood Stabilization Program (NSP) will provide emergency assistance to state and local governments to acquire and redevelop abandoned or foreclosed properties that might otherwise become sources of abandonment and blight within their communities. ![]() NEIGHBORHOOD STABILIZATION PROGRAM OVERVIEW ![]()
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