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NSP: The Neighborhood Stabilization Program

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The US Government Neighborhood Stabilization Program provides targeted emergency assistance to state and local governments to acquire and redevelop abandoned and foreclosed residential properties that might otherwise become sources of blight within our communities.

Primary eligible Activities/Uses of NSP funds:

Purchase and rehabilitation of abandoned and foreclosed homes and residential properties in order to sell, rent, or redevelop those homes or properties for low and moderate income families
Financing mechanisms for the purchase and redevelopment of vacant foreclosed homes, including soft-seconds, loan-loss reserves, and shared-equity loans
[Re]develop demolished or vacant properties
Establish and operate land banks for foreclosed homes and residential properties

PRI Neighborhood Revitalization Plan

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"We believe Homeownership empowers community. With foreclosures at record highs and home prices having collapsed and still contracting, a cities' ability to provide services are severely impacted. As a result, fixing our communities first means divesting the REO housing inventory and stabilizing the home owner by recapitalizing our neighborhoods." Thomas Clark, CEO

In the current market, neighborhood real estate is under enormous economic stress. PRI provides Neighborhood Stabilization services effectively combining a series of systemic operations for the remediation of distressed homes. Intent on Stabilizing Neighborhoods, PRI provides a focused, multi-disciplined bottom's up Main Street solution with the purpose of pursuing every opportunity to stabilize home ownership, thus stabilizing neighborhoods and communities.

A well managed NSP fund can be an effective long-term solution to slow the decline of city neighborhoods by managing the capital from the NSP grant as a revolving fund instead of allocating it as an expenditure of grant money. It is imperative to make effective use of the NSP funds by carefully tailoring strategies to the local market. This leverages resources to recapitalize more home units, effectively serving the larger community need.

PRI provides the know-how expertise and systems to execute. Essential to the NSP program is negotiating with banks for discounted purchase of vacant and foreclosed properties. Our attention is then on holding, maintaining, aligning financing, and working with a network of community partners to refurbishes REO properties, prequalify buyers, and train local brokers in the disposition of these properties. PRI provides city staff a single source of contact that fully assumes the responsibility to oversee the entire NSP program while preserving NSP funds.