Neighborhood Stabilization Program (NSP3)
NSP Program Overview -
Congress created the Neighborhood Stabilization Program to assist cities, counties and states in dealing with community problems that are the result of the mortgage foreclosure crisis in the nation. Through the Neighborhood Stabilization Program, the U.S. Department of Housing and Urban Development (HUD) provides funds to local governments (cities and counties), nonprofits and all 50 states to acquire foreclosed, or abandoned homes and rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and revitalize the decline of house values of neighboring homes. In March 2010, the City of Peoria was awarded $1,198,780 (one million one hundred ninety-eight thousand seven hundred and eight dollars) in Neighborhood Stabilization Program 3 (NSP3) funds to acquire, rehabilitate and resell vacant and foreclosed properties in the city's designated NSP3 target area. The City has partnered with two not-for-profit developer agencies, Habitat for Humanity Central Arizona and Chicanos Por La Causa, Inc. (CPLC), to facilitate the NSP3 Program.
NSP3 Target Area -
The city's NSP3 Program will focus on properties located between 67th Avenue on the East, 75th Avenue on the West, Peoria Avenue on the North and Olive Avenue on the South. Click here to download a map of the NSP3 target area
Who is Eligible?
Eligible homebuyers annual household income cannot exceed 120% of the area median income (AMI) for CPLC properties and 50% of AMI for Habitat for Humanity properties (see chart below). In determining household income, all wages and salaries from every household members age 18 and older are considered, as well as all other sources of income.
HUD Income Limits for 120% of AMI (CPLC properties)
|
| Household Size |
1
Person
|
2
People
|
3
People
|
4
People
|
5
People
|
6
People
|
7
People
|
8
People
|
| Income Limit |
$55,800
|
$63,750
|
$71,700
|
$79,700
|
$86,050
|
$92,450
|
$98,800
|
$105,200
|
HUD Income Limits for 50% of AMI (Habitat for Humanity properties)
|
| Household Size |
1
Person
|
2
People
|
3
People
|
4
People
|
5
People
|
6
People
|
7
People
|
8
People
|
| Income Limit |
$23,250
|
$26,600
|
$29,900
|
$33,200
|
$35,900
|
$38,550
|
$41,200
|
$43,850
|
To apply for the city of Peoria's NSP3 Program or for more information regarding eligibility requirements please contact:
Chicanos Por La Causa, Inc. (CPLC)
1016 E. Buckeye Road, Suite 150
Phoenix, AZ 85034
Phone: (623) 218-2810
www.cplc.org
Habitat for Humanity Central Arizona
9133 NW Grand Avenue
Peoria, AZ 85345
Phone: (623) 583-2417
www.habitatcaz.org
City of Peoria
Neighborhood and Revitalization Section
9875 N. 85th Avenue
Peoria, AZ 85345
Phone: (623) 773-7250
TTY: (623) 773-7221
Email: neighborhoodrevitalization@peoriaaz.gov
Click here to download an NSP3 Program Flyer
AVAILABLE/SOLD PROPERTIES IN THE NSP3 TARGET AREA
Properties Available/Sold by Habitat for Humanity Central Arizona:
Address: 7249 W. Cheryl Address: 7423 W. Vogel Address: 7138 W. Beryl
Status: Acquired/Rehabbed/SOLD Status: Acquired/Rehabbed/SOLD Status: Acquired/Rehabbed/SOLD
Address: 7413 W. Mtn. View Address: 7336 W. Brown Address: 6764 W. Ocotilla Ln.
Status: Acquired/Pending Sale Status: Acquired/Available Status: Acquired/Available
Properties Available/Sold by CPLC:
Properties Available/Sold by CPLC:
NSP3 Quarterly Performance Reports:
NSP QPR April 1 - June 30, 2011
NSP QPR July 1 - Sept 30, 2011
NSP QPR Oct 1 - Dec 31, 2011
NSP QPR Jan 1 - Mar 31, 2012
