About the Program
The Neighborhood Stabilization Program was established to provide emergency assistance for the redevelopment of eligible abandoned and foreclosed properties.
Housing and Urban Development (HUD)'s new Neighborhood Stabilization Program (NSP) provides targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The City of Sterling Heights has been allocated $2,454,961 to address the areas of greatest need within the City.
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
Foreclosure prevention activities
Demolition of non-blighted structures
Purchase of properties not abandoned or foreclosed upon