The Neighborhood Stabilization Program (NSP2) has ended. There are no more funds available for home purchase under this program. If you are interested in renting one of our NSP homes, please click on the link to Rental Program.
In January 2010, a
Consortium of local nonprofit organizations was awarded a $10,191,000
Neighborhood Stabilization Program (NSP2) grant to stabilize neighborhoods in
El Paso County, Texas whose viability had been and continues to be compromised by
the economic effects of excessive foreclosures. The Consortium is comprised of
the El Paso Collaborative for Community and Economic Development, AYUDA, Inc.,
Habitat for Humanity-El Paso and Project Vida. The Consortium selected the El
Paso Collaborative for Community and Economic Development to serve as lead
applicant and fiscal agent.
The goal of the NSP
Program is to acquire, rehabilitate and return to productive use 125
single-family homes in 22 eligible census tracts located inside and outside the
city limits of the City of El Paso. One hundred-five homes will be returned for
use for home ownership and twenty homes will be returned to use as rental
properties. The project’s end-users will be households with incomes up to 120%
AMFI with a minimum of twenty-five percent of program funds reserved for end
users with incomes at or below 50% AMFI. This threshold will be met by Habitat,
Project Vida and AYUDA, Inc. exclusively serving these very-low income
households. Habitat will make properties available for very-low income
homebuyers. AYUDA, Inc. and Project Vida will make foreclosed, single-family
units available to very-low- income renters.
Project Vida will manage all the rental units during the grant period
and will provide property management training to AYUDA, Inc. and the
Collaborative to increase their future capacity.
Two for-profit developers,
Dawco Builders, LLC and Karma-JKS Properties Inc. will acquire and rehabilitate
the foreclosed properties and resell them to income-eligible households. Long-term affordability will be built into
the program design to assure that NSP2-assisted properties remain affordable
for the longest feasible period.
mechanisms selected for this project are: loans to for-profit developers and Consortium
Member for acquisition and rehabilitation, and homebuyer assistance to
It is the policy of
the El Paso Collaborative for Community & Economic Development of El Paso,
Texas to comply with Section 3 of the Housing and Urban Development Act of 1968
to ensure that employment and other economic opportunities generated by certain
HUD financial assistance shall, to the greatest extent feasible, and consistent
with existing Federal State, and local laws and regulations, be directed to low
and very-low income individuals, especially recipients of government assistance
for housing, and to business concerns which provide economic opportunities to
low and very-low income individuals.