Neighborhood Stabilization Program (NSP)

NSP1

The Federal Register Notice for the Neighborhood Stabilization Program (NSP1) was published in the Federal Register on October 8, 2008, and was authorized under Section 2301(b) of the Housing and Economic Recovery Act of 2008 (HERA) (Pub. L 110-289, approved July 30, 2008). HERA provided a first round of formula funding for neighborhood stabilization to States and units of local government.

The Neighborhood Stabilization Program (NSP1) Substantial Amendment to the Housing & Community Development Plan was approved by the AHFC Board of Directors on November 20, 2008. The Substantial Amendment was submitted to the Department of Housing & Urban Development (HUD) in late November of 2008 and was approved by HUD on December 29, 2008, with AHFC entering into a grant agreement with HUD for NSP1 on March 6, 2009. Alaska's allocation of $19.6 million provided funds for neighborhood stabilization activities.

A statewide Request for Qualifications competition was held by geographic funding area during the months of February and March of 2009. AHFC awarded over $16 million for NSP1 program activities on May 1, 2009. Supplemental allocations were awarded in 2009 and 2012. All NSP1 funds have been allocated and grantees are working to complete NSP1 projects. 

NSP2

The NSP2 is a competitive grant program authorized by the Recovery Act and administered through HUD. The State of Alaska did not receive NSP2 funds.

NSP3

The Department of Housing and Urban Development (HUD) published a Federal Register Notice on Tuesday, October 19, 2010, for funding through NSP3. The funding for NSP3 will provide a third round of targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed, abandoned or vacant properties. The Dodd-Frank Wall Street Reform and Consumer Protection Act appropriated this additional round of NSP funding. This Notice includes the NSP3 allocation method, waivers granted, alternative requirements applied and statutory program requirements. The State of Alaska received an allocation for NSP3 of $5 million.

The NSP3 Substantial Amendment was approved by the Department of Housing and Urban Development on February 24, 2011. The Amendment contains the NSP3 Plan for the State of Alaska. The Amendment is available at the link above. 

For more information

Daniel Delfino, Director
Planning and Program Development Department
Alaska Housing Finance Corporation
P.O. Box 101020
Anchorage, AK 99510-1020
907-330-8273