PROJECT NAME
Neighborhood Stabilization Program 2 (NSP2)
LOCATION
Only the hardest hit census tracts are eligible for funding. A selection criteria was defined by the U.S. Department of Housing and Urban Development (HUD) and is based on estimated number and percentage of foreclosures and estimated foreclosure rate with vacancy rate. Additionally, Phoenix has selected target areas which may include hard hit neighborhoods around the I-10 corridor, West Phoenix, portions of South Mountain, Laveen, Estrella and several North Central neighborhoods.
REASON FOR THE PROJECT
To assist neighborhoods that are in decline (or further decline) due to the negative effects of a high number and percentage of homes that have been foreclosed upon.
PROJECT SCHEDULE
Start date to be determined. Award letter expected to be received after February 11, 2010; schedule will be developed after the receipt of the letter.
Completion Date - February 2013
AMOUNT OF AWARD
$60,000,000
CONSORTIUM MEMBERS
The project was awarded following a competitive application process. The application identified a consortium to undertake the project. Those Consortium members include:
Mandalay Homes, Pollack & Co., Fennemore Craig, National Farm Workers Service Center, Foundation for Senior Living, Neighborhood Economic Development Corporation (NEDCO), Leadership Centre, Arizona State University, Stardust Foundation, Local Initiatives Support Corporation (LISC), Raza Development Fund, Arizona Multi-Bank, NSPAZ,LLC, Housing Our Communities, Desert Mission Neighborhood Renewal, Greater Phoenix Urban League, Neighborhood Housing Services of Phoenix, and CSG.
JOBS CREATED/SAVED
39.80 in last calendar quarter
BENEFIT TO RESIDENTS
NSP2 funding will be used to implement the following proposed strategies:
- Eliminate blighting conditions in neighborhoods through acquisition or other financing mechanisms, and/or rehabilitation and resale of foreclosed homes to eligible NSP2 buyers who will occupy the homes as their primary residence.
- Stabilize single family subdivisions that have been foreclosed or are experiencing a high rate of foreclosures. Strategies include acquisition, rehab and resale of foreclosed properties for homeownership and exploring positive uses for vacant land.
- Preserve affordable rental housing opportunities through acquisition and rehabilitation of multi-family properties in highly impacted areas.
