Through the Recovery Acts, a total of $2 billion in NSP1 and NSP3 funds were provided to communities hardest hit by residential foreclosures and mortgage delinquencies.
Neighborhood Stabilization Program (NSP) 1
After receiving $4.1 million of these funds in April of 2009, Neighborhood Services obligated the full amount in only 17 months. Homebuyers were assisted with up to $50,000 per home and funds were used for down payments, closing costs and home repairs. During Fiscal Year 2009/2010, a total of 37 homebuyers purchased foreclosed or abandoned homes at a discount within targeted neighborhoods in Henderson using this program.
Neighborhood Stabilization Program (NSP) 3
In February of 2011, the City of Henderson was awarded an additional $3.9 million in NSP3 funds. The funds were utilized to assist families in purchasing foreclosed and short-sale homes at a discount within targeted neighborhoods.
Neighborhood Stabilization Program (NSP) grantees are required to submit quarterly performance reports (QPR) to the U.S. Department of Housing and Urban Development (HUD). View the QPRs here.