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Foreclosed Properties - Neighborhood Stabilization Programs (NSP)

Neighborhood Stabilization Program, 3rd Round
In 2010, Congress appropriated a third round of Neighborhood Stabilization Program (NSP3) funding through the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Avondale received $1,224,903 in NSP3 funding to assist in the redevelopment of foreclosed homes. To be eligible for the NSP3 funding, the City of Avondale completed an amendment to its 2010-2011 Annual Action Plan (NSP3 Amendment) and provided the general public a chance to review and comment on the NSP3 Amendment. Since the initial development of the NSP3 Plan Amendment, changes in the housing market necessitated additional amendments to expand the target areas, add redevelopment as an activity and to adjust the loan terms for homebuyer assistance. 

NSP3 Action Plan
NSP3 Planning Data
NSP3 Project Summary  
Amendment 1 to the NSP3 Action Plan
Amendment 2 to the NSP3 Action Plan
Proposed Amendment 3 to the NSP3 Action Plan


Please click here to view NSP3 Quarterly Performance Reports.

NSP3 Proposed Activities/Allocations

Activity

Original Allocation

Revised Allocation

Acquisition/Rehab and Sale of Homes for HH > 50% but < 120 % AMI

$673,697

$119,923

Acquisition/Rehab and Sale of Homes for HH < 50% AMI (as required by grant)

$306,226

$60,000

Demolition of Blighted Property (10% cap)

$122,490

$122,490

Administration (10% Cap)

$122,490

$122,490

Redevelopment and Sale of Homes (6-8 housing units)*units reserved for 50% AMI buyers to meet requirement

$0

$800,000

Total Grant

$1,224,903

$1,224,903



Neighborhood Stabilization Program (Round 1)

The Neighborhood Stabilization Program (NSP) was originally established in response to the crash of the housing market and the record number of home foreclosures across the nation through the Housing and Economic Recovery Act (HERA) of 2008. Title III (the Neighborhood Stabilization Program) of HERA of 2008 appropriated $2,466,039 to Avondale for assisting in the redevelopment of foreclosed homes. The Avondale City Council approved the use of NSP funds in its NSP Plan on November 17, 2008 which was subsequently amended on October 19, 2009. This amendment allowed for the inclusion of additional targeted neighborhoods and the reallocation of the rental rehabilitation funds to homebuyer assistance. More information on the progress of the City’s NSP program can be found on the Quarterly Performance Reports (QPR) below.

 

Maps depicting the areas to which NSP 1 funds were targeted are provided below:

Please click here to view NSP1 Quarterly Performance Reports.

It is the policy of the City of Avondale to serve all persons regardless of race, color, religion, gender, national origin, age or disability. Persons requiring hearing, visual, mobility, language or other accommodations may contact the City at 623.333.2726; TDD, 623.333.0010 to make special arrangements. Los individuos que requieren acomodacion razonable pueden solicitar llamando al (623) 333.2726.