Neighborhood Stabilization Program 1 (NSP1)
The Housing and Economic Recovery Act of 2008 Neighborhood Stabilization Program provided $14 million to Minneapolis; $5.6 million as a direct allocation to Minneapolis and $8.4 million competitively awarded to Minneapolis through the $39 million allocated to the State of Minnesota.
Eligible uses of the funds include: financing mechanisms, purchase and rehabilitation of abandoned and foreclosed homes, land banks, demolition of blighted structures, and redevelopment of demolished or vacant properties.
The Amendment to the City of Minneapolis 2008 Consolidated Plan was submitted to HUD on December 1, 2008.
On March 31, 2009, the Minneapolis City Council Community Development Committee approved the award of NSP funds to applicants responding to Minneapolis request for proposals (RFP) for the purchase and rehabilitation of foreclosed and/or abandoned properties. In the next one to four years, NSP resources will provide for the estimated demolition of 200 blighted structures, acquisition of 120 properties, and rehabilitation of 175 properties in Minneapolis neighborhoods hardest hit by foreclosures, primarily in North, Northeast and South Central Minneapolis. Foreclosed and/or abandoned homes and residential properties will be acquired strategically near existing public investment and community corridors to maximize the neighborhood and market impact of NSP reinvestment.
- NSP Purchase/Rehab Activity Funding Recommendation Summary
- Neighborhood Stabilization Program (NSP) Minneapolis Foreclosure Recovery Plan Sources and Uses
- Update on obligation and expenditures of NSP 1 funds to City Council, March 23, 2010
Updated April 21, 2010
Last updated Apr 4, 2012