Neighborhood Stabilization Program

Governor, Congressional delegation discuss solutions to the crisis at Regional Forum

June 08, 2009 --
RICHMOND - Virginia Governor Timothy M. Kaine today announced the award of $17.5 million in Neighborhood Stabilization Funding to localities for purchasing and rehabilitating foreclosed homes so that they can be resold to low-to-moderate income families. This announcement follows the award of $7 million in funding in April.

"We have worked quickly to put together an effective program to address the impact of foreclosures across the state," Governor Kaine said. "Virginia is not immune from our national economic problems, and we are continuing to take steps to ease the housing crisis by finding and applying solutions."    » read more »

Guidelines for use with new federal Neighborhood Stabilization Program funds

May 27, 2009 -- Calabasas, Calif. - As part of its commitment to stabilize communities hardest hit by foreclosures, Bank of America Home Loans has announced new streamlined capabilities for municipalities to purchase properties from its real estate-owned (REO) portfolio.

The new guidelines are exclusively for local and state government departments receiving U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP) grants, to more easily and quickly acquire foreclosed properties for resale to home buyers or to address other community development needs.    » read more »

May 11, 2009 -- MAYFIELD, Ky. – Kentucky Governor Steve Beshear today announced that the Purchase Area Housing Corporation (PAHC) has been awarded $1,372,500 from the Neighborhood Stabilization Program (NSP) to help stabilize communities in southwestern Kentucky that have suffered from foreclosures and abandonment.

PAHC, which serves the eight-county Purchase Area Development District region, will use the funds to acquire, rehabilitate and resell foreclosed and abandoned properties that might otherwise become sources blight within neighborhoods.    » read more »

May 11, 2009 -- HOPKINSVILLE, Ky. – Kentucky Governor Steve Beshear today announced that the Pennyrile Housing Corporation (PHC) has been awarded $1.3 million from the Neighborhood Stabilization Program (NSP) to stabilize communities that have suffered from foreclosures and abandonment.

PHC will use the funds to purchase, rehabilitate and resell foreclosed and abandoned properties in Christian County that might otherwise become sources of abandonment and blight within their communities.    » read more »

More Communities May be Eligible for Funding Under Stimulus

March 23, 2009 -- CONCORD - New Hampshire Governor John Lynch and the Community Development Finance Authority today announced that Berlin, Manchester, Rochester, Derry and Nashua are eligible to receive $19.6 million in federal Neighborhood Stabilization grants to strengthen neighborhoods facing high levels of foreclosures and provide greater affordable housing options.    » read more »

March 02, 2009 -- FRANKFORT, Ky. – Kentucky Governor Steve Beshear today announced that Kentucky will use $37 million in federal funding to help communities respond to the effects of high home and property foreclosures in the wake of the country’s economic crisis.

Surrounded by Lexington Mayor Jim Newberry and members of concerned community nonprofit groups,, Gov. Beshear said the emergency assistance, made available from the U.S. Department of Housing and Urban Development (HUD), will help the state and communities such as Lexington acquire and re-develop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.    » read more »