The Neighborhood Stabilization Program (NSP) was created under Title III of the Housing and Economic Recovery Act (HERA) of 2008 to help respond to rising foreclosures and declining property values. The NSP funds are a special allocation of Community Development Block Grant (CDBG) funds that are designed to provide emergency assistance through demolition of slum and blight and acqusition and redevelopment of foreclosed properties that might otherwise become sources of abandonment and blight in their community. The U.S. Department of Housing and Urban Development (HUD) has designated the South Carolina State Housing Finance and Development Authority as the administering agency in South Carolina.

Catawba Regional Council of Governments received two Neighborhood Stabilization Program grants to address foreclosures and slum and blight in two program eligible counties of its region. A total of $1,083,000 was received for Lancaster County and a total of $3,200,000 for York County. Catawba Regional has partnered with the City of Rock Hill for activities in York County since approximately 50 percent of foreclosures occur within the city.

Under the NSP program Catawba Regional hopes to help stabilize property values in identified neighborhoods by demolishing 78 blighted structures and clearing and re-seeding the properties. In addition, approximately 29 foreclosed properties will be purchased, rehabilitated and resold to residents whose income is no more than 120 percent of the medium income for the county in which they are located. Targeted areas were identified using census tract income information and published foreclosure and high risk loan rates.

Program income funds received from the resale of the properties can be used to continue program eligible activities.

Link to Home Buyer Application

If you have questions about this program, you may contact Angela Kirkpatrick at 803-327-9041.