The Neighborhood Stabilization Program 2

Mississippi Home Corporation is applying for funding from the Neighborhood Stabilization Program 2 (NSP2) under the American Recovery and Reinvestment Act of 2009. MHC’s NSP2 proposal will focus on redevelopment activities that will reduce or eliminate vacant, abandoned, and foreclosed properties in the Mississippi communities of Gulfport, Moss Point and Pascagoula.

MHC is accepting comments from affected communities on this program through Monday, July 13, 2009 at 12:00 noon CT. See below for details, or download a PDF version of the public notice here.

Mississippi Home Corporation will be using services from the National Community Stabilization Trust (NCST). To learn more about NCST, visit their website at www.stabilizationtrust.com.

About the NSP2 Program

Executive Summary
Final NSP2 Application

NSP2 is a competitive grant program of the U.S Department of Housing and Urban Development (HUD), with the application due on 7/17/09. Funds will be utilized in accordance with program requirements in targeted neighborhoods in order to arrest decline in home values, and reduce or eliminate vacant, abandoned, and foreclosed property. All NSP2 funds must benefit people whose incomes do not exceed 120% of the area median income. Also, 25% of the grant must be used for the purchase and redevelopment of abandoned or foreclosed upon homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50% of the area median income.

Targeted neighborhoods must be in Census Tracts that meet the threshold scores mandated by HUD’s foreclosure and vacancy rate criteria. Accordingly, the follow Census Tracts will be targeted for assistance in this NSP2 grant application - Gulfport: 0017.00, 0020.00, 0023.00, 0026.00; Moss Point: 0414.00, 0415.00, 0416.00, 0418.00; and Pascagoula: 0421.00, 0423.00.

MHC proposes to apply for $9,000,000 in NSP2 funding to be utilized in the following eligible categories:

• Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell or rent such properties.
• Redevelopment of other demolished or vacant properties in order to sell or rent such properties.
• Demolition of blighted structures
• Program administration

Citizens may submit comments regarding the proposed application and proposed used of funds in writing to:

Ben Mokry
Sr. Vice President of Research and Development
Mississippi Home Corporation
PO Box 23369, Jackson, MS 39225-3369
by email: nsp2@mshc.com

The deadline for comments is 12:00 noon CT, July 13, 2009.