New York City is applying for funding under the Neighborhood Stabilization Program 2 funded by the American Recovery and Reinvestment Act of 2009

Click here for a summary of activities proposed in NYCs NSP 2 Application (PDF)  

NYC will be working with the National Community Stabilization Trust.  Click here for a link to the NCST website

The Neighborhood Stabilization Program (NSP) was created by Congress under the Housing and Economic Recovery Act of 2008 (HERA) to provide grants to States and localities for the redevelopment of foreclosed and abandoned homes and residential properties.  The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures.

The City of New York has received $24,257,740 in NSP funds which must be used to undertake several or all of the following eligible activities:
- establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate-income homebuyers;
- purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties;
- establish land banks for homes that have been foreclosed upon;
- demolish blighted structures; and
- redevelop demolished or vacant properties.

The NYC Department of Housing Preservation and Development (HPD) will administer the Program for the City.  The City of New York's 2008 Consolidated Plan: Addendum – Neighborhood Stabilization Program serves as the City of New York’s official 2008 application to the U.S. Department of Housing and Urban Development (HUD) Office of Community Planning and Development for the Community Development Block Grant (CDBG) formula entitlement program subgrant: Neighborhood Stabilization Program (NSP). 
 
To download the City’s addendum, click here:
NSP ConPlan Amendment 12.01.08

To view SF242, click here:
SF424

Performance reporting measures will be available for public review during the course of the program. 
At this time, there are no reports available.

If you are in need of pre-foreclosure services, HPD works with non-profit groups through the Center for NYC Neighborhoods to prevent foreclosures and predatory lending. The program offers both short-term counseling and more extensive, on-going assistance. To talk to a counselor, call 311.

Written comments and any questions regarding the amended 2008 Consolidated Plan: Addendum - Neighborhood Stabilization Program (NSP) may be directed to:

Arden Sokolow
Director of Distressed Asset Finance
NYC Department of Housing Preservation and Development
100 Gold Street, Room 9S-7, New York, NY 10038
Phone: 212-863-6196
Email: sokolowa@hpd.nyc.gov