Neighborhood Stabilization Programs (NSP 1, NSP 2 and NSP3)
The city of Phoenix received a total of $115.5 million in Neighborhood Stabilization Program (NSP) funds to help stabilize Phoenix neighborhoods impacted by the foreclosure crisis. NSP homeownership programs offer $15,000 loans for down payment and closing costs and up to $40,000 for repairs of foreclosed homes in select ZIP codes. No payments, zero interest. Approximately $39.5 million is reserved for the acquisition and rehabilitation of foreclosed multi-family apartment communities to create or preserve affordable rental units (at or below 50 percent area median income) and/or eliminate blighting conditions.
Foreclosure Prevention and Housing Assistance
Phoenix is actively addressing the challenges of the foreclosure crisis. Learn about the various resources that will help you deal with a foreclosure situation whether you are a homeowner, a concerned resident or a prospective homebuyer. Included is information on how to contact a lender, what information to provide and a list of Phoenix counseling agencies that can help you through a foreclosure case. Programs also are available for residents needing rental housing assistance and guidance to homeownership opportunities.
City of Phoenix Mayor, City Council and staff continue to work aggressively to secure funding from the American Recovery and Reinvestment Act (ARRA) to create local jobs and stimulate our economy. Our goal is to show how federal stimulus or “Recovery” dollars are being spent in Phoenix. All Phoenix projects receiving ARRA funds are listed in five categories that describe the status of each of the individual projects.