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NSP2 - Neighborhood Stabilization Program

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As required under the American Recovery and Reinvestment Act of 2009, see our Federal Report (XML) for this project.

Dollars Awarded

$19,455,156

Project Status

Completed 50% or more

Project Description

An application by a Consortium of the City of Minneapolis (Lead), City of Brooklyn Park, and Hennepin County for NSP2 funds under the American Recovery and Reinvistment Act , 2009. The total NSP2 funding is $19.5 million and will impact approximately 405 units. This includes approximately $15.5 million for Minneapolis, $2.5 million for Brooklyn Park and $1.5 million for Hennepin County. In Minneapolis, Brooklyn Park and Hennepin County neighborhoods hardest hit by foreclosures, NSP2 resources will provide for: Down Payment and Closing Cost Assistance - 125 homebuyers, Purchase and Rehabilitation - 54 units, Acquisition and Land Banking - 56 properties, and Redevelopment - 114 units.

Funding Program

Neighborhood Stabilization Program

Responsibility for Implementation

Community Planning and Economic Development

Funding Agency

U.S. Department of Housing and Urban Development

Dollars Leveraged

$37,450,000

Dollars Leveraged Description

• The Family Housing Fund will provide $17,950,000 for acquisition of foreclosed and abandoned property under NSP2. • The Twin Cities Community Land Bank has allocated $9,500,000 for land banking activities ($4,500,000 million from the National Community Stabilization Trust and $5,000,000 from the Community Reinvestment Fund). • Greater Metropolitan Housing Corporation will contribute $10,000,000 in the form of a revolving line of credit for acquisition and construction costs.

Dollars Requested

$48,180,000

Projected Jobs Created

Data not yet available.

Award Type

Grant

Sub-recipient Names

Hennepin County
Brooklyn Park, City of
Twin Cities Community Land Bank

Vendor Names

Twin Cities Community Land Bank
Twin Cities Community Land Bank
Twin Cities Community Land Bank

Recovery Funds Spent to Date

$19,455,156

Last updated Mar 14, 2014