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Published on Feb 1, 2011
Neighborhood Stabilization Program:
Congress allocated $3.92 billion for the Neighborhood Stabilization Program to States and units of local government with the greatest needs based on home foreclosures, homes financed by a subprime mortgage related loan and homes in default or delinquent. The goal of the Neighborhood Stabilization Program ("NSP") is to address abandoned and foreclosed properties throughout the United States. The State of California received $145 million from the Federal government (HUD) authorized under Title III, Section B, of the Housing and Economic Recovery Act of 2008 (HR 3221). The grant is administered by the California Department of Housing and Community Development (HCD). HCD created a secondary funding process that will distribute funds to cities based upon joint agreements or to their counties.
On July 29, 2009 HCD announced that the Cities of Lynwood and Carson ("Cities") were recipients of the National Stabilization Program Award. On September 17, 2009 the Cities were sent formal notification of approval of the application. As proposed, the City of Lynwood, in collaboration with the City of Carson, will use NSP funds to acquire, rehabilitate, and resell foreclosed and abandoned homes in designated target areas. Buyers must be low-, moderate- or middle-income households with incomes at or below 120% of area median income (LMMI);
The allocation of $2,245,226 was distributed between both Cities ($916,161 for Lynwood and $1,329,065 for Carson). The City of Carson, as the Lead Agency, is responsible for the Cities' compliance with the terms and conditions set forth in the NSP Standard Agreement #09-NSP1-6107 with HCD.
Why Partner with the City of Carson:
In order to apply for the funds, Lynwood needed a partner with a contiguous jurisdiction in a joint application that combines allocations to meet or exceed the minimum threshold of $1 million.