NSP

Interested in buying a renovated home from the City of Chicago Neighborhood Stabilization Program? 
 
Find out more about the benefits of buying an NSP home, and learn about the requirements to buy. 
 

By Bill Healy
City of Chicago NSP
 
Chicago Lawn’s sturdy brick two-flats and bungalows, lined up like soldiers in a row, are the personification of a certain Chicago spirit – tough, resilient, humble and enduring. Good thing, too, because those buildings have stood up to a lot over the years – racial upheaval, unemployment cycles, and most recently a series of foreclosures that have left buildings on many blocks boarded up and abandoned.
 

You are cordially invited to attend an open house, cook out, and trolley ride to showcase Neighborhood Stabilization Program homes in Chicago Lawn.
 
 
Buyer Incentives with All NSP Properties
1. Purchase home with $1,000 or 1% down payment 
2. Newly rehabbed homes (Move-in ready)
3. Energy efficient appliances
4. Closing cost paid up to 3% Read more »

It was a blustery April Saturday in Humboldt Park – rainy, cold and in no way conducive to a walking tour of houses for sale, particularly when buyers remain few and far between.
 
But that didn’t stop more than 100 home owner wannabes from making a combination trolley/walking trek of five formerly vacant, foreclosed Humboldt Park houses that have been renovated through the Neighborhood Stabilization Program (NSP) and are now for sale to buyers of modest means.
 

By Tim Mack 
 
 
Tim Mack has been a member of Will County’s Community Development Division since 2007, specializing in grant financial management for CDBG, HOME, and LEAD. He assumed the program management role for the county's Neighborhood Stabilization Program (NSP) with its inception in 2008. He also has 10-plus years of personal experience in real estate investing.

Launched in 2008, the Neighborhood Stabilization Program (NSP) provides localities with federal funding – about $7 billion to date – to help mitigate the negative spillover effects of foreclosed and distressed properties. Since this funding is small compared to the scale of the foreclosure crisis and the level of need, the program relies on a strategy of geographic targeting, concentrating investments where the market needs public dollars to stabilize.

Learn how other states and localities are planning to use their NSP3 money
 

The “mission” of New Pisgah Missionary Baptist Church, in Auburn Gresham, goes way beyond shouting distance of its physical facility on South Racine Avenue. The church’s community service organization is playing a major role in addressing the foreclosure issue that’s bedeviling Auburn Gresham and many other Chicago neighborhoods. Through the federal Neighborhood Stabilization Program, it’s currently rehabbing six vacant, foreclosed houses comprising 14 homes or apartments in Auburn Gresham and one 7-unit building in South Shore.

Pop quiz: what do these three stories have in common?
 

It’s clear that vacant homes put a damper on their surrounding community. Not only are they eyesores, they put other homes at risk of losing value and may attract crime and other destabilizing elements. To minimize these risks, many municipalities have ordinances that allow them to hold the homes’ owners responsible for securing and maintaining the property. What can already-strapped local governments do if it’s unclear who the owner is, or the owner hasn’t notified them that the property is vacant?