Lowcountry Housing Trust

NSP IMPACT TRACKING

10 AREA AFFORDABLE HOUSING PARTNERS TO IMPLEMENT $7.4 MILLION FORECLOSURE PROGRAM

Neighborhoods across the region negatively impacted by foreclosed properties will soon start to see stabilization of home values through a $7.4 million dollar infusion from the U.S. Housing and Urban Development’s Neighborhood Stabilization Program (NSP1). The Lowcountry Housing Trust (LHT) acting as a lead entity for the tri-county will administer this program in partnership with the South Carolina State Housing Finance and Development Authority.

The tri-county’s NSP1 award was the result of a collaboration between the Lowcountry Housing Trust, BCDCOG, Berkeley, Charleston, and Dorchester counties, the cities of Charleston and North Charleston, the Town of Mount Pleasant, and the Town of James Island.

Proposals for the implementation of the program were evaluated and selected from non profit and for profit developers and government entities who demonstrated the capacity to meet NSP guidelines and comply with federal CDBG requirements in a timely and effective manner.

As the money is expended to acquire and rehabilitate foreclosed homes, create new jobs, and provide affordable housing opportunities for hard working tri-county families we’ll be able to give you the details on spending. Right here, you'll be able to see how, when, and where your taxpayer dollars are going.

LHT'S NSP Efforts Highlighted in the Federal Reserve Market Wise - More

The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment.

NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.

NSP2, a term that references the NSP funds authorized under the American Recovery and Reinvestment Act (the Recovery Act) of 2009, provides grants to states, local governments, nonprofits and a consortium of nonprofit entities on a competitive basis.

Spearheaded by a new Recovery Board, the American Recovery and Reinvestment Act contains built-in measures to root out waste, inefficiency, and unnecessary spending. The website, Recovery.gov, will be the main vehicle to provide each and every citizen with the ability to monitor the progress of the recovery.

Click on the links below to learn more...