Neighborhood Stabilization Program 2
About the program:
Stabilizing neighborhoods is the primary purpose of the Neighborhood Stabilization Program.
The program was introduced in 2008. At that time, the United States housing market had collapsed and neighborhoods all across the U.S. were declining rapidly as the number of foreclosed or abandoned homes rose dramatically.
History of our involvement:
Congress authorized the initial round of Neighborhood Stabilization Program funds for states and municipalities only. Habitat for Humanity’s involvement with the program began in May 2009, when the U.S. Department of Housing and Urban Development opened the second round of funding to nonprofits.
What the funds are used for:
Habitat is partnering with seven U.S. affiliates in five states to purchase and rehabilitate foreclosed or abandoned homes and build new homes on vacant lots. Habitat must provide significant financial and in-kind donations from nongovernment sources as NSP2 funds do not cover all project costs.
Habitat and its partner affiliates committed to providing 1,062 families or individuals with affordable housing by February 2013, when access to NSP2 funding ended. Having spent 100 percent of awarded funds by that time, Habitat is pleased to announce that our goal was exceeded by 184. Through the hard work and with the additional funds provided by our partner affiliates, Habitat built or rehabbed a total of 1,246 housing units for more than 4,000 people in 44 neighborhoods!
Learn more about Habitat’s participation in this historic program in this video.