Neighborhood Stabilization Program

 

 

NEIGHBORHOOD STABILIZATION PROGRAM

The Neighborhood Stabilization Program (NSP) was created to address the series of problems arising from the significant number of foreclosed homes during the recent housing crisis.  These problems include property value loss, lost revenue both in the public and private sectors, the increase in incidents of blight and crime due to vacant foreclosed homes, and the shrinking mobility of loans for refinance due to lost equity.

The program was authorized under Title III of the Housing and Economic Recovery Act of 2008, signed into law on July 30, 2008.  Adams County received $4.6 million in direct federal allocations and $2.75 million in state-directed federal funding.  NSP was created as a five-year program, and is ending in 2013.  Adams County Housing Authority NSP program has purchased, rehabilitated and constructed and sold a total of 37 single family homes in the cities of Northglenn, Westminster, Thornton, Commerce City, Federal Heights, and Brighton.