Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP) was authorized under the Housing and Economic Recovery Act (HERA) of 2008 to provide emergency assistance to state and local governments in acquiring and redeveloping vacant and foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

The Virginia Department of Housing and Community Development (DHCD) is administering Virginia’s NSP, and has received $38.7 million in funding from the U.S. Department of Housing and Urban Development for this program. Grant funds have been allocated through DHCD to local governments and certified nonprofits, which are negotiating the purchase of homes directly with owners, or with representatives of foreclosed bank owned properties. All properties must be acquired at a minimum of one percent below as-is appraised value.

DHCD is currently developing a Action Plan for the implementation of the NSP3. Further information can be found here.

The NSP was designed stabilize neighborhoods and stem the decline of house values of neighboring homes. Please contact Chris Thompson at (804) 371-7056 or chris.thompson@dhcd.virginia.gov with any questions.

• NSP for grantees >> URL
• NSP for citizens/homebuyers >> URL
• NSP for researchers >> URL