NEIGHBORHOOD STABILIZATION PROGRAM
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.
Since the inception of the NSP1 program, the City has acquired and rehabilitated 16 single family homes. All properties were fully rehabilitated and brought up to code. Properties were equipped with new stoves, ranges, refrigerators, washers, dryers, and dehumidifiers, when applicable. To date, the City has sold all properties to eligible program participants. The buyers must meet the income limits for the household, set forth by HUD. Federal Regulation also requires all buyers to complete, at minimum, eight hours of Homebuyer Education through a HUD Certified Counseling Agency.
The Neighborhood Stabilization Program also provided funding for demolition of blighted, vacant properties. Since the inception of the program, the City demolished more than 50 blighted structures. The intent of the demolitions, and land banking of certain properties, is to eliminate unsafe and inhabitable properties and where reasonable, repurpose the property. The City maintains a side lot program in which adjacent property owners may be eligible to acquire the vacant land. Other side lots have been transformed into temporary Community Gardens, donated to the Parks, or acquired for future redevelopment.
NSP Documents & Quarterly Performance Reports (QPR) can be viewed at the Office of Community Development, 131 Court Street, Suite 302, Elyria, Ohio 44035.