Neighborhood Stabilization Program

Neighborhood Stabilization Program (NSP) 3, September 16, 2011 (Read Overview)

Overview
The Neighborhood Stabilization Program is a grant-funded program awarded by the U.S. Department of Housing and Urban Development. This program will be administered locally by the City of Memphis Division of Housing and Community Development.

The program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that are abandoned or vacant. The NSP acquired properties must be rehabilitated for the purpose of resell, rent, or lease purchase in order to stabilize neighborhoods and control potential blight that foreclosures may cause.

 

NSP Awards
The city, county and state were awarded federal grants under the Neighborhood Stabilization Program.
  • The City of Memphis was awarded $11,506,415
  • Shelby County was awarded $2,752,708*
  • The State of Tennessee was awarded $49,360,421*

*Contact Shelby County and the State of Tennessee for further information on their NSP awards at the following web sites: shelbycountytn.gov and thda.org.


Designated NSP Areas
The city has selected ten (10) zip codes based on established criteria by HUD as areas of greatest need related to foreclosures. The criteria used to select the city's areas of greatest need was formula based and provide by HUD as follows: 1) Areas with the greatest percentage of home foreclosures; 2) areas with the highest percentage of homes financed with sub prime mortgages; and 3) areas identified as likely to face a significant rise in the rate of home foreclosures.

NSP Zip Codes

38106

38109

38111

38114

38115

38116

38118

38127

38128

38141


Eligible Beneficiaries
Low, moderate and middle income families (120% or less of the area median income) that meet the requirements for participation in the Neighborhood Stabilization Program. Eligible families must meet income and other requirements to qualify to purchase, rent or lease-purchase the NSP homes.

To determine your eligibility for this program please call (901) 636-7474.

Property Disposition
Please click on the NSP Resale Process if you want to apply for one of the Neighborhood Stabilization Program properties.


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