NEIGHBORHOOD STABILIZATION PROGRAM (NSP)

NEIGHBORHOOD STABILIZATION PROGRAM1 (NSP1)

NEIGHBORHOOD STABILIZATION PROGRAM2 (NSP2)

NSP PROPERTY LOCATOR 
 To search for properties with NSP investment in the City of Atlanta, please visit the NSP Proprty Locator.

NEIGHBORHOOD STABILIZATION PROGRAM OVERVIEW

The Neighborhood Stabilization Program (NSP) will provide emergency assistance to state and local governments to acquire and redevelop abandoned or foreclosed properties that might otherwise become sources of abandonment and blight within their communities. NSP funds can not  be used to acquire homes from current owners.

Overview	Neighborhood Stabilization Program 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.
Eligible Activities	NSP funds can only be used for the following activities: Purchase and rehabilitate foreclosed properties in order to sell, rent, or redevelop such homes and properties. Demolish blighted structures. Redevelop demolished or vacant property. Establish or enhance the capacity of land to assist in property redevelopment efforts Establish funding mechanisms for the purchase and redevelopment of foreclosed homes including soft-seconds, loan loss reserves, and shared equity loans for low-and moderate-income homebuyers.
Key Program Definitions	Abandoned A home is abandoned when mortgage or tax foreclosure proceedings have been initiated for that property, no mortgage or tax payments have been made by the property owner for at least 90 days, AND the property has been vacant for at least 90 days. Blighted Structure A structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety, and public welfare. Foreclosed A property “has been foreclosed upon” at the point that, under state or local law, the mortgage or tax foreclosure is complete. HUD generally will not consider a foreclosure to be complete until after the title for the property has been transferred from the former homeowner under some type of foreclosure proceeding or transfer in lieu of foreclosure, in accordance with state or local law.
Timeline	NSP1 funds must be obligated to specific projects in 18 months of award from HUD and all NSP funds must be spent in 4 years. 50% of NSP2 funds must be spent in 2 years of award from HUD and 100% of NSP2 funds must be spent in 3 years of award from HUD.
Funding Requirement	HUD is requiring that atleast 25% of NSP funds must be spent to develop housing for households at 50% of the Atlanta Area Median Income.
Reporting Requirements	HUD is requiring that each grantee provide monthly financial reports and quarterly performance reports throught the Disaster Recovery Grant Reporting System (DRGR).
NSP Income Limits	NSP Funds can be utilized to assist households up to 120% of the Atlanta Area Median Income.  The 2009 Atlanta AMI* Income Limits, adjusted for household size are listed below. Household Size 1 2 3 4 5 6 50% AMI $25,100 $28,700 $32,250 $35,850 $38,700 $41,600 80% AMI $40,150 $45,900 $51,600 $57,350 $61,950 $66,550 120% AMI $60,250 $68,850 $77,450 $86,050 $92,900 $99,800 * AMI (Area Median Income) is adjusted by household size and published by HUD annually.

NSP1 & NSP2 UPDATES
Last Updated 2/26/2010

NSP1 Public Comment Period
The City of Atlanta, Department of Planning & Community Development, Bureau of Housing is soliciting a public comments until March 15, 2010 to amend the Neighborhood Stabilization Program within the 2008 Action Plan of the 2005-2009 Consolidated Plan. The proposed amendment will Decrease $40,000 from Neighborhood Stabilization Program Activity A (Financing), Decrease $1,850,000 from Neighborhood Stabilization Program Activity B (Acquisitoin/Rehabilitation/Disposition), Increase $500,000 to Neighborhood Stabilization Program Activity C (Land Banking), Increase $100,000 to Neighborhood Stabilization Program Activity D (Demolition), and Increase $1,290,000 to Neighborhood Stabilization Program Activity E (Redevelopment).  In addition the City will be amending the definition of affordable rents for households with incomes greater than 80% but not exceeding 120% of the area median income, so that the calculation for affordable rents does not exceed 30 percent of the adjusted gross income of a family. Comments may be submitted in writing to: City of Atlanta, Bureau of Housing-NSP, 68 Mitchell Street, Suite 1200, Atlanta, GA 30303. For additional information, contact the City of Atlanta's Department of Planning and Community Development, Bureau of Housing, at (404) 330-6390.