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Neighborhood Stabilization Program (NSP)
The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.
The City of Chesapeake received $25,000 in Neighborhood Stabilization Program (NSP) funds for a planning grant. Grant funds are used to develop and implement a strategy to acquire and rehab foreclosed and abandoned properties and sell them at an affordable price to eligible first time home buyers who are 120% of the AMFI. The neighborhoods designated for NSP activities are South Norfolk and the upper Western Branch area.
- The City is competing with private investors who are also in the market to purchase these properties. The City's goal is to stabilize the neighborhoods, increase affordable home-ownership opportunities, and keep these properties affordable over a period of time.
- NSP regulations require 15% discount (acquisition) purchase price.
- NSP regulations limit rehab cost to $25,000 per unit.
- Neighborhood Stabilization Program (NSP) Fact Sheet