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City of Greensboro

City of Greensboro. Neighborhood Stabilization Program. NSP Program Basics. Established under the Housing & Economic Recovery Act of 2008 (not ARRA) Based on CDBG regulations with numerous modifications and HOME affordability references

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City of Greensboro

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  1. City of Greensboro Neighborhood Stabilization Program

  2. NSP Program Basics • Established under the Housing & Economic Recovery Act of 2008 (not ARRA) • Based on CDBG regulations with numerous modifications and HOME affordability references • Beneficiaries up to 120% AMI; requires 25% of funds to target under 50% AMI • Created to mitigate the negative impact of the nation’s economic decline and housing market collapse. • Intended to stabilize and revitalize communities or areas hit the hardest

  3. 5 Eligible NSP Uses • USE A—Financing Mechanisms • USE B—Purchase and Rehabilitation of Abandoned or Foreclosed Homes • USE C—Land Banks • USE D—Demolition of Blighted Structures • USE E—Redevelopment of Demolished or Vacant Properties • Get out there and do something with these properties!

  4. HUD Defined Foreclosure Risk Factor Levels HUD Model Predictors: Unemployment, Vacancy, Sub-prime loans, Predicted foreclosures HUD Foreclosure Risk Factor Levels measured from 1-10 As mapped: Low Risk Green – High Risk Red High risk areas for Greensboro were primarily urban and low income High concentration in the NE – SW crescent

  5. Concentration in Low Mod Neighborhoods Areas outlined in blue meet the low and moderate income definition High degree of overlap between foreclosure impacts and low mod areas

  6. January 2007- June 2008 Foreclosure Sale Dates Peak of the subprime foreclosure wave High concentration of foreclosures in the areas predicted by the HUD model Driven by sub-prime foreclosures Less sub-prime concentration now – more Alt-A and job loss foreclosures

  7. Local Ordinance Enforcement – Cases under order to repair (7/08) At the same time that homeowner units are being lost to foreclosure there are other elements of disinvestment occurring in the affected neighborhoods.

  8. Focus of Greensboro NSP Response – Looking for the Gaps • Repair Loans for Homebuyers • Partner with other homebuyer programs to attract buyers to foreclosures needing repairs • Acquisition/Rehab/Resale • Concentrate the resources • Leverage other housing activities • Permanent Supportive Housing • Increase unit availability • Identified gap in Continuum of Care

  9. Greensboro NSP Contact Program Manager: Cynthia Blue Sr. Housing Planner Department of Housing and Community Development PO Box 3136 Greensboro, NC 27402 (336) 433-7376 cynthia.blue@greensboro-nc.gov

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