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Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP) is a federal program that was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.

Under NSP1, as authorized under the Housing and Economic Recovery Act (HERA) of 2008, the City of San José received $5.6 million. Under NSP2, as authorized under the American Recovery and Reinvestment Act (ARRA) of 2009, the Housing Trust Fund of Santa Clara, the City of San José, and Neighborhood Housing Services Silicon Valley received $25 million.

In addition to purchasing, rehabilitating, and reselling foreclosed properties in targeted areas, NSP2 also provides secondary financing for income-eligible individuals. A minimum of 25% of the funds will be used to acquire and rehabilitate rental housing for individuals and families whose incomes do not exceed 50% of the area median income.

NSP Resources

For more information on the NSP Program please go to the HUD Exchange.

Letter to the U.S. Department of Housing and Urban Development dated March 4, 2015 from the Housing Trust requesting approval of a technical amendment to the Action Plan of its Neighborhood Stabilization Program 2 (NSP2).

Funded Projects

Project Name Funding Amount Description Contact
Taylor Oaks $5,505,000 Rehabilitation of 58-unit apartment affordable to
VLI and ELI families
Leif Regvall
Ford and Monterey (Special Needs Apartments) $3,000,000 New 20-unit apartment for persons with special needs Leif Regvall
Ford and Monterey (Family Apartments) $1,770,000 New 74-unit apartment affordable to LI, VLI and ELI families Leif Regvall

For additional information on the NSP Program, contact Leif Regvall, Program Coordinator.

Previous NSP 1 & 2 HUD Quarterly Reports

Neighborhood Stabilization Program 1

Neighborhood Stabilization Program 2

Previous Action Plans in the Disaster Recovery Grant Reporting System (DRGR)

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