NEIGHBORHOOD STABILIZATION PROGRAM (NSP)

Description:

The Neighborhood Stabilization Program (NSP) provides funds to municipalities and for-profit/nonprofit developers to acquire and redevelop foreclosed properties that might otherwise  become sources of abandonment and blight in targeted areas. 

Assistance Provided To:

Units of local government, non/for-profit developers

Type of Assistance:

Loans

Funding Source: 

U S Department of Housing and Urban Development

Award Period: 

5/8/09 to 6/30/12 (Program Implementation on-going)

Procedure for Applying:

RFP

Application Deadline: 

2/6/09 (Closed)

Date of Notification: 

Varies by program

Contact:

Bradley Harrington

Bradley.Harrington@dca.nj.gov

Mailing Address:

New Jersey Department of Community Affairs     
Division of Housing and Community Resources
P O Box 811, 5th Fl.
101 South Broad Street
Trenton, NJ 08625-0811 

 

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NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP1)

The New Jersey Department of Community Affairs, Division of Housing and Community Resources is responsible for administering $51,470,620 in NSP funding allocated under the Federal Housing and Economic Recovery Act of 2008 ( HERA ).  Under Title III of HERA, the Neighborhood Stabilization Program provides assistance to local governments, non-profit and for- profit developers,  for the redevelopment of abandoned and foreclosed homes.  The program is intended to prevent further declines in neighborhoods most severely impacted by foreclosures, and which are statistically at high risk of continued deterioration, but otherwise have attributes that will ameliorate the impact of the foreclosures. 

Eligible NSP fund uses include acquisition of foreclosed-upon housing units, abandoned housing units and vacant land; rehabilitation of housing units  in order to sell or rent such housing units to households at or below 120 percent of area median income; demolition of blighted structures; new construction of housing for projects involving the redevelopment of demolished or vacant properties; and redevelopment of acquired property for residential and non-residential uses, including public parks, commercial uses or mixed residential and commercial use.  All NSP funding must be used with respect to individuals and families whose income does not exceed 120 percent of area median income, and at least 25 percent of this amount must be used for residential units that are affordable to households whose incomes do not exceed 50 percent of area median income.

NSP INFORMATION:
NSP CLOSING DOCUMENTS:
Quarterly Performance Reports:
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U S Department of Housing and Urban Development ( HUD ) Laws/Regulations/Notices/Links: 

N J Department of Community Affairs Announcements:

Additional NSP Information:

Environmental Review

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Civil Rights/Fair Housing

 Labor Standards

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Lead Paint

 New Jersey Department of Community Affairs Web Links
New Jersey Department of Community Affairs
 

Links to Other Agencies

NEIGHBORHOOD STABILIZATION PROGRAM 3 (NSP3)

The New Jersey Department of Community Affairs, Division of Community Resources is responsible for the administration of  $5,000,000 in funding provided under the Wall Street Reform and Consumer Protection Act of 2010, through the U S Department of Housing and Urban Development,  which constitutes the third round of funding of the Neighborhood Stabilization Program.  As in NSP1, this funding is intended to stabilize neighborhoods whose viability has been, and continues to be, damaged by the economic effects of properties that have been foreclosed upon and abandoned.

NSP3 INFORMATION

Action Plan (TBA)
Summary of Public Comments (TBA)
Substantial Amendment (English) [pdf 2.8MB]
Substantial Amendment (Spanish) [pdf 228kB]
Notice of Formula Allocations and Program Requirements for NSP3 Formula Grants (Fed.Reg. 10/19/10) [pdf 166kB] 

Quarterly Performance Reports:
NSP Staff Information:

Name

Phone

Email

Terence Schrider

(609) 633-6283

Terence.Schrider@dca.nj.gov

Colleen Devereux

(609) 633-6329

Colleen.Devereux@dca.nj.gov
Related Links