Neighborhood Stabilization Program: Round 2
Background & Neighborhoods
The second round of Neighborhood Stabilization Program funding (NSP2) was authorized under the American Recovery and Reinvestment Act of 2009. The Cincinnati-Hamilton County NSP2 Consortium is responsible for the infusion of $24,068,968 into the Cincinnati-Hamilton County area. This is a result of a successful grant proposal for the second round of NSP2 funding by lead agency Hamilton County, the City of Cincinnati (funded at $8.3 million), Cincinnati Metropolitan Housing Authority and Local Initiatives Support Corporation in partnership with the Model Group.
NSP2 funds are being used in targeted areas throughout Hamilton County where stagnant population growth, high unemployment and a weak housing market have led to high foreclosure and vacancy risk scores. The Consortium plans to use the NSP2 funds for the acquisition, demolition, redevelopment or financing of rental and homeownership units. These activities will benefit households whose income is at or below 120% of the Area Median Income (AMI), with one-fourth of the funds targeting households at or below 50% AMI. The Consortium successfully expended 100% of its NSP2 allocation prior to the February 11, 2013 HUD expenditure deadline.
Local communities involved in NSP2 are:
East Price Hill
The Consortium has an executed agreement with the U.S. Department of Housing and Urban Development, executed grant agreements between the Lead Agency and each Consortium member. The execution of development agreements with the Consortium Partner organizations are also under way.