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NEIGHBORHOOD STABILIZATION PROGRAM DRAFT ADDENDUM

NEIGHBORHOOD STABILIZATION PROGRAM DRAFT ADDENDUM 2025

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The document is a draft addendum to the 2008 Housing and Community Development Consolidated Annual Action Plan for Lake County, Illinois, detailing the Neighborhood Stabilization Program (NSP). It outlines the allocation of $4.6 million in NSP funds aimed at acquiring and rehabilitating abandoned and foreclosed properties to provide affordable housing for low- and moderate-income families. The addendum includes eligible activities, funding recommendations, project descriptions, and a citizen participation process for public input. It emphasizes targeting areas with high foreclosure rates and outlines compliance with HUD regulations.

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Click ‘Get Form’ to open the NEIGHBORHOOD STABILIZATION PROGRAM DRAFT ADDENDUM in our editor.
Begin with the HUD Standard Form 424 section. Fill in your organization’s details, ensuring accuracy for compliance.
Move to the Executive Summary. Summarize your understanding of the NSP program and its objectives, focusing on how it addresses local needs.
In the Overview of the 2008 NSP Program section, provide a brief history and context for your application, highlighting key funding recommendations.
Complete the Description of Key Projects by detailing specific projects you plan to undertake, including their expected outcomes and target demographics.
For Citizen Participation, outline your strategy for engaging community members in the planning process. Include methods for soliciting feedback.
Review all sections for completeness and clarity before saving your document. Utilize our platform's features to ensure all fields are filled correctly.

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What is the NSP home buyer program?

Homebuyer Assistance Provides funds of up to $75,000 (a zero-interest, 15-year deferred/forgivable loan) to assist income eligible first-time homebuyers with any of the following towards the purchase of a home: Down-payment assistance. Closing cost assistance.

What is the Volusia County home Buyer Assistance Program?

NSP provides funds to purchase foreclosed, vacant or abandoned homes and residential properties, in order to rehabilitate, resell, or redevelop them, stabilize neighborhoods and stem the decline of property values in communities impacted by the housing crisis.

What is the federal neighborhood stabilization program?

The Neighborhood Stabilization Program (NSP) provides emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (AMI).

What is the Volusia County Neighborhood Stabilisation Program NSP Home Purchase Program?

The purpose of the Volusia County Community Assistance Divisions Neighborhood Stabilization Program (NSP) Home Purchase Program is to assist eligible households to purchase a county-owned NSP home by providing a deferred payment loan needed for purchase assistance and closing costs.

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