The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.
NSP1, references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008. This Grant provided over $8 million in grants to the City of Modesto.
NSP2, references the NSP funds authorized under the American Recovery and Reinvestment Act (the Recovery Act) of 2009 and provides grants to states, local governments, non-profits and a consortium of non-profit entities on a competitive basis. The City of Modesto received $25 million of NSP2 funds.
NSP3, references the NSP funding authorized by the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010.
Funds target emergency assistance to state and local
governments to acquire redevelop or demolish foreclosed
properties. The City of Modesto has recently been
allocated $2,951,549 in NSP 3 funds.