Federal Funds Stabilizing Phoenix Neighborhoods
As part of the Housing and Economic Recovery Act passed by Congress in July 2008, NSP funding went to communities hardest hit by residential foreclosures and mortgage delinquencies. The city of Phoenix received an initial grant of nearly $39.5 million in federal NSP funds to help eligible families purchase foreclosed homes (at a discount), which in turn helps to stabilize Phoenix neighborhoods.
Phoenix developed an action plan for using the funds, according to the community's needs and input. The plan offers various types of homeownership assistance, including loans for down payment and closing costs and for home improvement and offers "move-in ready" homes throughout the Phoenix area.
- NSP1 Quarterly Performance Report
- NSP1 Program Summary
- NSP1 Substantial Amendment as Amended May 2010
In February 2010 the city of Phoenix was awarded a grant of $60 million under the Neighborhood Stabilization Program (NSP2), funded through the American Recovery and Reinvestment Act (ARRA) of 2009. The U.S. Department of Housing and Urban Development (HUD) awarded a total of $1.93 billion dollars to states, cities and organizations. Phoenix, along with its partners, received the sixth largest grant amount in the competitive process.
- NSP2 Quarterly Performance Report
- NSP2 Action Plan
- NSP2 Targeted Areas Map
- NSP2 Substantial Amendment
In September 2010, HUD announced that the Obama administration had awarded an additional $1 billion to further stabilize neighborhoods hard-hit by foreclosure. This third round of funding, known as NSP3, brought $16 million to the city of Phoenix to stabilize neighborhoods. The NSP3 Substantial Amendment outlines how the NSP3 funds be used to continue neighborhood stabilization programs implemented under NSP1 and NSP2.
- NSP3 Quarterly Performance Report
- NSP3 Substantial Amendment
- NSP3 Substantial Amendment as Amended July 2013
- NSP Map 1
- NSP Map 2
- NSP Map 3
To learn more, call 602-262-6602 or email email@example.com.