Neighborhood Stabilization Program
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 local governments for the redevelopment of abandoned and foreclosed properties. The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures.
El Paso County is eligible to receive $1,200,000 in NSP funds which must be used to undertake some or all of the following eligible activities:
§ Redevelopment of demolished or vacant properties
§ Demolish blighted structures
§ Purchase and rehabilitate residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop
§ Establish land banks for homes that have been foreclosed upon
§ Establish financing mechanisms for purchase and redevelopment of foreclosed properties, including such mechanisms as soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate-income homebuyers
The El Paso County Budget and Economic Development Department (BUD) will administer the program for the County.
NSP Documents
El Paso County NSP Map
El Paso County NSP Application
El Paso County Affirmative Fair Housing Marketing Plan
NSP News
August 2009 - El Paso County will present the County's NSP program to the State Housing Board in mid-August.
June 2009 - El Paso County applied to the Colorado Divsion of Housing for El Paso County's NSP funding allocation.
August 2009 - The State Housing Board approved El Paso County's NSP plan.
Contact
Whitney Johnson
Grants Analyst
719-520-6484
whitneyjohnson@elpasoco.com
The County is currently seeking non-profit partner(s) to implement the NSP program in targeted neighborhoods.
Resources and Links
U.S. Department of Housing and Urban Development
Colorado Division of Housing
