Tag: neighborhood stabilization program

If we want to revitalize neighborhoods, we must recognize that it’s a multiyear project. It should be an income tax credit program for three reasons:

The federal Neighborhood Stabilization Program is a welcome source of funds in struggling communities, and it has had a massive effect on the nature of the response to the problem of vacant foreclosed property. As NSP3 gets underway and the NSP1 obligation period comes to a close, Shelterforce looks back at NSP so far.

In the past decade, community land trusts and other shared equity housing models have gained wider acknowledgement and acceptance as a means of creating and preserving affordable housing in communities with high property values. But by cultivating the long-term success of homeowners, these models are also bringing revitalization and stability to areas with weak markets and high foreclosures.

Towns long in Chicago’s shadow have sought creative ways to collaborate for federal funding, while building off existing partnerships as part of a long-term approach to neighborhood, and regional, stabilization.