The City of Chicago has been awarded a total of $153 million in Neighborhood Stabilization Program (NSP) funds to assist 29 community areas that have been affected by foreclosure.
The goal of the program is to stabilize neighborhoods by getting vacant foreclosed homes up-to-code and occupied as quickly as possible in targeted areas. We expect to assist up to 2,000 -2,500 units over the next 3-5 years.
For a complete list of NSP acquired properties, approved developers and vendors, and additional information about the program, please visit the NSP website at www.chicagonsp.org .
HUD Neighborhood Stabilization Program (NSP) Basic Requirements
NSP Eligible Uses for Vacant, Foreclosed Homes
All funds must be used in “areas of greatest need,” as defined by:
Must use funds to serve households at or below 120% AMI ($90,100 for a family of four), with 25% of funds targeted to households at or below 50% AMI ($37,550 for a family of four).
City of Chicago's NSP Strategy
Gain economies of scale with one lead entity responsible for:
Property disposition options include: homeownership, lease-purchase, rental, demolition.
Targeting NSP Investments
Quarterly Performance Reports
The City of Chicago submits Quarterly Performance Reports (QPRs) for the Neighborhood Stabilization Program (NSP) to the Department of Housing and Urban Development (HUD).
NSP2 Fourth Quarter QPR
NSP3 Substantial Amendment
HUD has allocated $15,996,360 in Neighborhood Stabilization Program 3 (NSP3) funds to the City of Chicago.
In accordance with HUD requirements, the City of Chicago has developed a Substantial Amendment to its 2010 Action Plan. The Substantial Amendment outlines the City of Chicago’s proposed target areas and activities for NSP3.
The City of Chicago is soliciting public comments on its NSP3 Substantial Amendment. Public comments will be accepted from 12 a.m. on February 11, 2011 through 12 a.m. on February 26, 2011.
To submit comments or for more information contact:
Chicago Department of Housing and Economic Development
121 N. LaSalle St. #1006
Fax: (312) 744-0141
For more program information select the following links:
The City of Chicago is amending its NSP 1 Substantial Amendment allocation priorities. This amendment will be posted for a 15 day public comment period. Please note that comments will be collected through August 5, 2010. A summary of comments will be forwarded to the Department of Housing and Urban Development for review. The amendment can be accessed by downloading the document below.