Neighborhood Stabilization Program
Fact Sheet
NSP Income Guidelines
HUD NSP Information
Areas of Greatest Need Map

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NEIGHBORHOOD STABILIZATION PROGRAM (NSP1)

The Neighborhood Stabilization Program (NSP1) was created by Congress under the Housing and Economic Recovery Act of 2008 (HERA) to provide grants to states and localities for the redevelopment of foreclosed and abandoned homes and residential properties. The grants are intended to prevent further decline in neighborhoods most severely impacted by foreclosures.

The Department of Housing and Urban Development (HUD) is charged with federal oversight for the new Neighborhood Stabilization Program (www.hud.gov/nsp). The program provides emergency assistance to state and local governments to acquire foreclosed properties that might otherwise become sources of blight within their communities.

After approval of the Clark Couty Consortium’s (North Las Vegas is a member of the Clark County Consortium) Substantial Amendment for NSP1 by HUD in March 2009, the City of North Las Vegas received a direct allocation of $6,837,736 from HUD and a $1,814,256 pass-through allocation from the State.

According to HUD regulations, NSP1 funds can be used for:

1. Establishing financing mechanisms for purchase and redevelopment
    of foreclosed homes and residential properties;
2. Purchasing and rehabilitating homes and residential properties
    that are abandoned or foreclosed;
3. Establishing land banks for foreclosed homes;
4. Demolishing blighted structures;
5. Redeveloping demolished or vacant properties

CLICK HERE for the Clark County Consortium Substantial Amendement to the FY 2008 Action Plan and FY 2005-2009 HUD Consolidated Plan.

The Clark County Consortium has submitted an amendment to the originally approved Substantial Amendment that will reallocate, if approved, $3 MIL from the Homebuyers Assistance Program to the acquisition of Desert Mesa for the development of a Public Facilities Campus.  The Homebuyers Assistance Program will be funded from the proceeds of the homes purchased, rehabilitated and then sold to income eligible home buyers – it is estimated that approximately $1.4 MIL will be available from the sale of those homes.

CLICK HERE for the Proposed Amendment to the Neighborhood Stabilization Program (NSP) Substantial Amendment to the FY 2008 Action Plan and FY 2005-2009 HUD Consolidated Plan.
(As of 9/23/09)

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NEIGHBORHOOD STABILIZATION PROGRAM (NSP1) FACT SHEET:

• The foreclosure crisis in North Las Vegas is sobering:
• As of January 31, 2009 there were 2,120 REOs 
  (bank owned properties)
• Notices of Default are averaging 600 – 900 each month. 
• 6,000 homes foreclosed in 2008
  
  

The following programs makeup the current NSP Plan:

• $2,349,766 is committed to purchase, rehabilitate  and resale foreclosed homes to families at 120% of Area Median Income (AMI)

• For families at or below 50% AMI, the City has committed $2,293,957 million to purchase, rehab and rent approximately 20 homes.

• $3,000,000 is allocated for the Homebuyer Assistance Program which assists families at 120% AMI with down payment, mortgage buy down, or closing costs to enable them to purchase a foreclosed home.

• 89031
• 89032
• 89081
• Census Tracts 3602 BG 2 and 3700 in 89030
  

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NSP INCOME GUIDELINES

The following income guidelines are for families between 50% of the Area Median Income and 120% of Area Median Income (AMI).  These standards are set by HUD to determine eligibility for

HUD NSP INFORMATION

For more information on NSP, CLICK HERE to go to the HUD's main NSP Page.

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AREAS OF GREATEST NEED MAP

CLICK HERE for copy of the Area of the Greatest Need Map