During the past few years, communities have been impacted across the country with mortgage foreclosures and declining property values. In response, Congress passed the Housing and Economic Recovery Act (HERA) in July 2008. The law created a new Neighborhood Stabilization Program (NSP). The purpose of the NSP is to provide targeted assistance to state and local governments to acquire and rehabilitate foreclosed upon residential properties that might otherwise become a source of blight within communities.
The City of Elyria has been awarded approximately $3,000,000 from the NSP 1 & NSP 3 programs to create the following programs.
Housing Rehabilitation: Homes For Sale
This Program is designed to assist in the redevelopment of abandoned and foreclosed homes. The City of Elyria has purchased thirteen homes for rehabilitation using NSP funds. The homes are completely renovated and include new energy-efficient appliances. The homes will be sold at a discounted rate and will include soft-second mortgages that will be forgiven at the end of the affordability period. Neighborhood Stabilization Program Application
Housing Demolition Program
This program involves demolition of vacant, condemned and/or foreclosed and abandoned properties, and all demolition-related activities, including but not limited to securing the property, asbestos surveys and asbestos abatement. To date the City has demolished over 40 properties.
Elyria NSP Land Bank Side Lot Program
The Elyria Side Lot Program takes undeveloped and unproductive properties and brings them back into productive use by transferring the property to adjacent property owners who will maintain and utilize the property. Side Lot Application
NSP Documents & Information