Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP) funds are distributed by the U.S. Department of Housing and Urban Development (HUD) and was established for the purpose of stabilizing communities and assisting in the redevelopment of abandoned and foreclosed homes and residential properties. Greenville County was awarded a total of $2,262,856. All of the funds from the NSP are made available to benefit individuals and families whose income does not exceed 120 percent of the area median income; however, a minimum amount of $565,714 will be dedicated for families at or below 50 percent of the area median income. An NSP grantee must use or obligate funds to purchase and redevelop abandoned and foreclosed homes and residential properties no later than 18 months after execution of the grant agreement. GCRA is designated as the administrator of Greenville County’s NSP funds.

ELIGIBLE USES - Funds made available under this Act shall be used to on the following activities:

• Establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves and shared-equity loans for low- and moderate-income homebuyers;
• Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties;
• Establish land banks for homes and residential properties that have been foreclosed upon;
• Demolish blighted structures; and
• Redevelop demolished or vacant properties

In compliance with the U.S. Department of HUD under PUBLIC LAW 110–289—JULY 30, 2008, Sec. 2301 (122 Stat  2850 ff) Title III, Division B of the Housing and Economic Recovery Act of 2008 (HERA), GCRA submitted a Substantial Amendment to 2008 Annual Action Plan to consist of activities planned for the County’s NSP fund.  Click here to view the NSP Budget.