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Metropolitan Washington Area Consortium NSP2 Briefing

Metropolitan Washington Area Consortium NSP2 Briefing. Neighborhood Stabilization Program 2 (NSP2). NSP2 Opportunity . Neighborhood stabilization program through HUD designed to support communities negatively impacted by foreclosure

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Metropolitan Washington Area Consortium NSP2 Briefing

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  1. Metropolitan Washington Area Consortium NSP2 Briefing Neighborhood Stabilization Program 2 (NSP2)

  2. NSP2 Opportunity • Neighborhood stabilization program through HUD designed to support communities negatively impacted by foreclosure • Second round of funding (first competitive round) providing up to $1.93B • Eligible activities: • Homebuyer assistance for the purchase or redevelopment of foreclosed properties • Acquisition, rehab and rental/sell of foreclosed properties • Demolition of blighted, foreclosed properties • Creation of land banks

  3. NSP2 Consortium Member Jurisdictions Alexandria Bowie Fairfax County Gaithersburg Prince George’s County Prince William County • Requested $33.9M • Homebuyer assistance for 369 units • Creation of a regional acquisition fund • Acquire, rehab and sell 135 units • Acquire, rehab and rent 46 units • Consortium partners • Enterprise Community Partners • National Community Stabilization Trust • The Urban Institute

  4. Target Communities • Each jurisdiction recommended “at risk” and “tipping point” communities/census tracts… • 24 tracts for both Fairfax and Prince George’s counties • 22 tracts within Prince William County • 5 tracts within the City of Bowie • 2 tracts within the City of Alexandria • 1 tract in Gaithersburg • …for a total of 78 census tracts

  5. Community Criteria • HUD foreclosure score • Foreclosure inventory • Proximity to employment centers • Relatively strong housing market • Proximity to transit or major thoroughfares • Present and future government investment

  6. NSP2 Selected Tracts

  7. NSP2 Current Activities • Enjoy media and think tank coverage • Washington Post/Examiner articles, Urban Institute and Brookings Institution profiles • Finalize developer solicitation • To be released this month; responses due next month • Finalize revolving loan fund program • Select preferred development group(s) • Await HUD’s determination in late October

  8. NSP2 Questions?? Alicia Lewis, Housing Planner Kate Davidoff, Housing Planner • alewis@mwcog.org • 202.962.3346 • kdavidoff@mwcog.org • 202.962.3753

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