Official Web Site of the City of Phoenix

The Housing and Economic Recovery (HERA) Act of July 2008 provided $3.92 billion of Neighborhood Stabilization Program (NSP) funding to communities across the nation hardest hit by residential foreclosures and mortgage delinquencies. In March of 2009, the Department of Housing and Urban Development (HUD) approved the City of Phoenix NSP allocation plan and received $39,478,000 in NSP funds.

City of Phoenix NSP funds will be used for activities that include financing for homebuyer assistance and acquisition and rehabilitation of foreclosed multifamily apartment communities to achieve the following programmatic objectives:

Preserving affordable rental opportunities;

Eliminating blighting conditions in neighborhoods;

Connecting qualified buyers and sellers;

Partnering effectively with qualified community resources; and

Protecting taxpayer funds and efficiently implementing the program.

All NSP funds must be obligated by June 30, 2010 and expended within 48 months, or by December 31, 2012.

This web site was developed for the purpose of disseminating information about the NSP Multifamily Affordable Rental Funding Application which calls for proposals from experienced private and non-profit multi-family developers who can preserve affordable rental opportunities through acquisition and rehabilitation of foreclosed multi-family.

Up to $4,000,000 in NSP funds are currently available for this effort. Funding applications will be considered initially on date and time submission beginning July 27, 2009 through September 10, 2009, the close of the application receipt period. All applications will then be subject to the city’s NSP Multifamily Affordable Rental Housing Loan Program and Underwriting Guidelines plus specific NSP requirements as identified in the Funding Application.

Proposals that are feasible but which do not make this round of commitments will be held for possible future funding should the City be awarded NSP 2 funds.

Please review the NSP Multifamily Affordable Rental Housing Loan Program Underwriting Guidelines and complete the Application. Schedule F is also linked at this site and must be completed as part of the Application. For a hard copy format contact the City of Phoenix Housing Department, 251 West Washington Street, 4th Floor, Phoenix, Arizona 85003, or call the Housing Department at 602-261-8646.