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The Neighborhood Stabilization Program: strategically targeting public investments

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  • Carolina Reid

Abstract

Launched in 2008, the Neighborhood Stabilization Program (NSP) provides localities with federal funding ? about $7 billion to date ? to help mitigate the negative spillover effects of foreclosed and distressed properties. Since this funding is small compared to the scale of the foreclosure crisis and the level of need, the program relies on a strategy of geographic targeting, concentrating investments where the market needs public dollars to stabilize. Through case studies of Los Angeles and Cleveland, this article shows how NSP grantees are using data about the local housing market to tailor their NSP strategies, resulting in very different interventions in the two cities. Targeting NSP funding has led to a measurable impact; at the end of 2010, more than 36,000 properties had been purchased and rehabilitated, making up approximately 20 percent of the REO in NSP-targeted areas.

Suggested Citation

  • Carolina Reid, 2011. "The Neighborhood Stabilization Program: strategically targeting public investments," Community Investments, Federal Reserve Bank of San Francisco, vol. 23(Spr), pages 23-27.
    • Handle: RePEc:fip:fedfci:y:2011:i:spr:p:23-27:n:v.23no.1
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    Cited by:

    1. Spader, Jonathan & Schuetz, Jenny & Cortes, Alvaro, 2016. "Fewer vacants, fewer crimes? Impacts of neighborhood revitalization policies on crime," Regional Science and Urban Economics, Elsevier, vol. 60(C), pages 73-84.
    2. Schuetz, Jenny & Spader, Jonathan & Cortes, Alvaro, 2016. "Have distressed neighborhoods recovered? Evidence from the neighborhood stabilization program," Journal of Housing Economics, Elsevier, vol. 34(C), pages 30-48.
    3. Tammy Leonard & Nikhil Jha & Lei Zhang, 2017. "Neighborhood price externalities of foreclosure rehabilitation: an examination of the Neighborhood Stabilization Program," Empirical Economics, Springer, vol. 52(3), pages 955-975, May.

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