Neighborhood Stabilization Program. Tim Waddell, Division Administrator Elyse Shindelar—Program Manager [email protected] 515.725.3005 . Housing and Economic Recovery Act of 2008-HERA.
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Neighborhood Stabilization Program (NSP), created by HERA, 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.
Abandoned: Mortgage/tax foreclosure proceedings initiated, no payments 90 days and vacant 90 days
Foreclosed: Mortgage/tax foreclosure complete, includes title transfer from former owner
Blighted: Objectively determinable deterioration that is a threat to human health, public safety and/or public welfare
Land Bank: Purchase, manage, dispose of foreclosed homes in defined area
$15 Million due to HUD on
July 16, 2009.