Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized. The U.S. Department of Housing and Urban Development (HUD) funds the NSP program by providing grants to states, local governments, nonprofits and a consortium of nonprofit entities on a competitive basis. The Prince George’s County Department of Housing and Community Development is a HUD NSP grantee.

Grantees


NSP grantees develop their own programs and funding priorities. However, NSP grantees must use at least 25% of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50% of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120% of area median income. Activities may not qualify under NSP using the "prevent or eliminate slums and blight" or "address urgent community development needs" objectives.

Eligible Uses


NSP funds may be used for activities which include, but are not limited to:
  • Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties;
  • Purchase and rehabilitate homes and residential properties abandoned or foreclosed;
Establish land banks for foreclosed homes;
  • Demolish blighted structures;
  • Redevelop demolished or vacant properties

Homebuyer Assistance


Homebuyers cannot receive assistance directly from HUD. NSP funds can be used to help homebuyers purchase homes, but they must contact an NSP grantee for application details. NSP operates on a national scale, but participation requirements may differ from one state or city to another.

Programs


Prince George’s County has one homebuyer assistance program that is available to assist potential homebuyers in purchasing their home. It's called the My HOME Program.  Currently, the My HOME Program has exhausted its funding, however it is anticipated that additional funding will be awarded to this program in the Fall of 2016.

Please visit the Redevelopment Authority’s website for detailed information on the My HOME program or contact the Prince George’s County NSP Program Manager at 301-883-5300.