Neighborhood Stabilization Program (NSP)
Under the Housing and Economic Recovery Act of 2008 signed into law by the President on July 30, 2008, the Neighborhood Stabilization Program (NSP) was funded with $3.92 billion for the purpose of stabilizing communities that have suffered from foreclosures and abandonment.
In total, Monterey County (the “County”) and designated Cities of Gonzales, Greenfield, King City, Marina, Seaside and Soledad (the “Cities”) can apply for an allocation of approximately $4.8 million.
Of this amount, the City of Salinas applied directly to the State for an allocation of approximately $2.6 million.
Since HCD would only accept applications for a minimum of $1 million, the County and the Cities entered into a cooperative application to access the remaining portion of the NSP funding in an amount of approximately $2.1 million.
- Total NSP funding for Monterey County............$ 4,761,800
- City of Salinas (Standalone Application)............$ 2,621,166
- Cities-County Cooperative Application.............$ 2,140,714
The City of Soledad has acquired three (3) properties with the NSP funds. The available properties are listed below:
1. 1587 Munras
2. 24 Ledesma (SOLD)
3. 685 Gardenia
Individuals interested in purchasing a home through the NSP program must first attend an orientation held by the Housing Resource Center of Monterrey County (HRC). Please Call (831) 424-9186 to register.
Neighborhood Stabilization Program
Neighborhood Stabilization Program - Steering Committee
Update - December 2011
Since mid-October, a house in King City has sold and five houses are in escrow (two in King City, one in Greenfield, one in Castroville, and one in Gonzales). The Gonzales and Greenfield houses are scheduled to close this week; the other three have closing dates in mid-January. Upon the close of those properties, only two houses remain (both in Soledad) from the original list of 13 purchased and a new house purchased in Seaside with Program Income. It has been difficult to find interested buyers for the Soledad properties.
With the proceeds from the past sale of properties, an additional house in Castroville was purchased. Upon the sale of the two properties this month and three in January, two to three additional houses will be purchased.
To date, 34 households have been qualified. There are currently another four families in the final stages of becoming income qualified. While one family is interested in purchasing in Seaside, the majority are interested in purchasing in Gonzales. New purchases of houses will be tailored, as much as possible, to those on the wait-list in an effort to accommodate a quick resale.
- U.S. Department of Housing and Urban Development
Monterey County-Neighborhood Stabilization Program Announcement