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Neighborhood Stabilization Program
PURPOSE
Provides emergency assistance to state and local government to help them respond to rising foreclosures and declining property values.
AUTHORIZATION
Title III of the U.S. Housing and Economic Recovery Act of 2008.
MISSOURI SUBSTANTIAL AMENDMENT
Neighborhood Substantial Amendment
CATEGORY 3 REQUEST FOR PROPOSALS
Neighborhood Stabilization Program Request for Proposal
Neighborhood Stabilization Program Category 3 Eligible Communities
Income Limits
Neighborhood Stabilization Program Income Limits
ALLOCATION
The U.S. Department of Housing and Urban Development has allocated the following:
- $42,664,187 to the Missouri state program
- $7,323,734 to the City of Kansas City
- $5,532,792 to the City of St. Louis
- $9,338,562 to St. Louis County
The State's program will be administered through the Community Development Block Grant Program in the Division of Business and Community Services.
ELIGIBLE AREAS
The Housing and Economic Recovery Act of 2008 requires states to target areas of greatest need based on the extent of foreclosures, subprime mortgages, mortgages delinquencies and mortgage defaults.
In defining "greatest need" DED has identified Tier 1 Communities, or those communities with higher than average unemployment (6.1 percent in fiscal year 2008), high concentration of low and middle income households, and above average number of high-cost loans as a percentage of housing in 2007.
Tier 1 Impacted Cities
Maps
HUD Summary Data Map for High Risk of Foreclosure
2008 Annual Average Unemployment
High Cost Loans
High Risk of Foreclosure(LMMH Eligible)
APPLICATION/ APPROVAL PROCEDURE
Cities with eligible census block groups have submitted draft plans to DED
which have been incorporated into DED's Draft Substantial Amendment. The Draft
Substantial Amendment is available for public comment until November 30. Public comments can be directed to andy.papen@ded.mo.gov
In the coming weeks, DED, along with the Missouri Housing Development Commission, will communicate with cities on the development of other strategies to address down-payment assistance programs and activities that address 50 percent of Median Household Income activities only.
SPECIAL PROGRAM REQUIREMENTS
Additional information on the Neighborhood Stabilization Program can be found on the HUD website through the following link: http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/
CONTACT
For more information about the Neighborhood Stabilization Program, contact the Missouri Department of Economic Development at 573-751-3600.
Business and Community Services
301 W. High Street, Rooms 720, 770 Jefferson City, Missouri 65102
Tel: 1-866-647-3633 Fax: 1-573-751-7384 Email: missouridevelopment@ded.mo.gov
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