(02/09/09) - The City of Akron has been
awarded, by the U.S. Department of Housing and Urban Development, $8,583,492 for the
Neighborhood Stabilization Program (NSP). Congress authorized the Housing and Economic
Recovery Act last year. It provides funding to local governments to address the impact of
foreclosed, abandoned and blighted properties on neighborhoods as a result of the housing
mortgage crisis. Funds can be used for acquisition of property, housing rehabilitation,
demolition, relocation, open space and financing mechanisms.
Modeled after the successful Community Development Block Grant Program, (CDBG), the NSP
allows communities to craft their own programs within the framework of HUD regulations.
The Akron area’s median income is $61,700. NSP funds must benefit households
making less than 120% of that figure ($74,040 for a family of four,) and 25% of the NSP
funds must benefit families earning less than half of the median income ($30,850 for a
family of four.)
Use of NSP Funds by Akron
- $2.8 million - Home Purchase Assistance and Property Acquisition
- $2.15 million - Housing to benefit persons at 50% of median income
- $1.5 million - Rehabilitation of properties
- $1.18 million - Housing demolition
- $100,000 - Relocation
- $853,000 - Permitted administration fees
