(Washington, DC) The Department of Housing and Community Development (DHCD) has released plans for the $2.8 million in neighborhood stabilization program (NSP) funding designated for the District by the federal government.
According to HUD guidelines, NSP funding may be used for activities which include, but are not limited to the establishment of financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties; purchase and rehabilitation of homes and residential properties abandoned or foreclosed; establishing of land banks for foreclosed homes; demolition of blighted structures; and the redevelopment of demolished or vacant properties.
Consistent with the HUD’s requirements, DHCD will invest NSP funds toward the development of 58 affordable housing units in the Ivy City/Trinidad neighborhood, one of the areas of the District which has been hardest hit by foreclosures. The funding will help to stabilize an area that, due to existing vacant and abandoned buildings, could experience additional instability as foreclosure activity continues to spike.
The plan can be downloaded below. To request a printed copy, contact Pamela Hillsman at (202) 442-7251.