The Neighborhood Stabilization Program 2 (NSP2) is a HUD program established to stabilize neighborhoods that have been damaged by foreclosure and abandonment. Authorized under the American Recovery and Reinvestment Act of 2009, the NSP2 program awarded competitive grants to states, local governments and non-profit entities.
In January of 2010, TCB was awarded $78 million to revitalize distressed communities. TCB’s grant is one of the few NSP2 awards for non-profit entities, and it is the only exclusively multifamily NSP2 award. TCB’s innovative use of NSP2 funds in the early stages of development on “ready-to-go" multifamily buildings has allowed accelerated construction schedules and speeded revitalization in distressed neighborhoods. After this “quick start,” the majority of NSP2 funds are repaid when permanent financing is assembled, allowing NSP2 money to be reinvested in further revitalization of abandoned, foreclosed and vacant properties.
Since the grant award, TCB has worked in eight states to deliver nearly one thousand units of affordable housing. Grant funds were fully expended in January, 2013 and since then, by leveraging permanent sources of financing, TCB has received over $51 million in Program Income which will be reinvested in additional NSP2 projects. In this way, TCB is on track to more than double its original estimate of NSP2-funded units as well as create hundreds of additional temporary and permanent jobs and boost revitalization in a range of neighborhoods across the TCB’s NSP2 footprint.
TCB is in the process of amending its grant agreement with HUD to work in two additional states. See [l TCB's NSP2 Application and Grant Amendments for further information.
For further information on TCB's NSP2 grant, please contact our Boston office:
The Community Builders, Inc.
95 Berkeley Street
Boston, MA 02116-6240
D. Morgan Wilson