Will County NSP program: stabilization in progress

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.


In this blog post, Mack provides his perspective on what's making Will County's NSP program a success. 
 
As a result of the Housing and Economic Recovery Act (HERA), Will County was awarded a $5.16 million grant to help stabilize communities through the acquisition, rehabilitation, and re-sale of foreclosed properties to eligible home owners. Based on the legislative requirements established, we designed a program that would maximize positive impact to the communities while minimizing risk to the County. 
 
With those two fundamental goals in mind, we made the strategic decision to forge a “buyer-centric” homeownership program. The idea was that we would not purchase a home unless we had an associated buyer ready to purchase post-rehabilitation. 
 
The key to our success has been the partnerships we’ve built to assist us in the numerous phases of this project. We have leveraged relationships developed from previous grant activities for delivery of construction, housing counseling, and insurance services. We procured local appraisers and other professional services firms needed in various phases of a home transaction. All of these partners have played a great role in our progress. However, the alliances built with area Realtors has been the most critical driver to our success.  
 
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One of dozens of homes Will County has successfully acquired, rehabbed, and/or resold through its successful Neighborhood Stabilization Program.
Photo courtesy of Will County