IHCDA: Neighborhood Stabilization

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IHCDA > Community Development > Neighborhood Stabilization Neighborhood Stabilization

Neighborhood Stabilization Program Award Announcement

Lt. Governor Becky Skillman has announced 21 communities and community organizations will share $50 million to buy abandoned or foreclosed homes, demolish or redevelop vacant properties and help low- and moderate income homebuyers purchase property.

NSP Comprehensive Neighborhood Revitalization Fund Award Recipients

Please click here to view a listing of all award recipients

Neighborhood Stabilization Program Rules from the Federal Register

As part of the Housing and Economic Recovery Act of 2008, HUD created the Neighborhood Stabilization Program to mitigate the neighborhood effects of foreclosures in areas of greatest need. HUD allocated more than $150 million to the Indiana grantees listed below.

Summary of Allocations (NSP1)	INDIANA
MUNCIE	$2,007,356
ANDERSON	$2,141,795
KOKOMO	$2,181,088
ELKHART	$2,251,346
HAMILTON COUNTY	$2,343,868
EVANSVILLE	$3,605,204
GARY	$3,836,758
HAMMOND	$3,860,473
SOUTH BEND	$4,098,521
LAKE COUNTY	$5,738,024
FORT WAYNE	$7,063,956
INDIANAPOLIS	$29,051,059
INDIANA STATE PROGRAM	$83,757,048
TOTAL	$151,936,496

On December 1, 2008, IHCDA finalized an amendment to it's Action Plan to include activities regarding the NSP. The changes that were proposed are included in the link below:

IHCDA Eligible Communities Map

NEW - NSP3 NOTICE
“IHCDA has determined that NSP3 funding awarded to the agency as the balance of state allocation will be offered via a Request for Proposals to a restricted number of existing NSP awardees. In making this decision, IHCDA has considered that the allocation of funding was much smaller than for NSP1, and thus provided less scope for a wider competitive process. Additionally, with the new targeting requirement from HUD that requires a more focused approach, building on the back of NSP1 offered a better opportunity for demonstrating the levels of impact that HUD are expecting to see. Furthermore, with a tight timescale for the implementation of NSP3 (50% of all funding needs to be expended within 2 years) a state-wide Request for Proposals would have severely compromised the ability of potential awardees to meet the deadlines for expenditure. Accordingly, IHCDA will be hold a competitive allocations process that will allow only those non-entitlement communities who received NSP1 funding to seek NSP3 funding. Applications from these communities are due to be received by IHCDA on January 31st 2011.”