TDHCA awards $90 million to help stabilize neighborhoods
Recognizing the importance of stabilizing communities undermined by foreclosure and declining property values, TDHCA has announced a significant award of federal funding designed to help communities remain vibrant.
The Department has awarded $90 million to 61 cities, counties, housing authorities, and eligible nonprofit organizations across the state to mitigate the impact of foreclosed or abandoned homes on neighborhoods.
The award was made through TDHCA’s Neighborhood Stabilization Program (NSP), an innovative program created by the federal Housing and Economic Recovery Act of 2008.
NSP is designed to help cities, counties, and eligible nonprofit organizations acquire and/or redevelop foreclosed properties that might otherwise become sources of abandonment and blight.
The program provides funds to purchase foreclosed or abandoned homes and to rehabilitate or redevelop these homes to serve low to moderate income households, helping to stabilize neighborhoods and stem the decline of property values of neighboring homes.