Neighborhood Stabilization

Forty-three member organizations at the forefront of neighborhood stabilization efforts around the country have joined together to share best practices, forge dynamic business partnerships and promote effective federal policies.  Through this community of practice the Network’s members have significantly enhanced their performance and impact in addressing this major housing and economic crisis.

Practice

• The REO Working Group serves as our primary forum for members to learn from each other as they implement NSP in their communities. 140 staff actively share strategies on key issues such as property acquisition, pipeline management, product and community marketing, homebuyer financing and impact measurement.  Members get together regularly for in-depth exchanges and technical assistance at the Network’s bi-annual membership meetings and collaborate through Housing Partnership Online. To join the working group contact Matt Perrenod.

Partnerships

• The Network formed a consortium with six members and the National Development Council to deliver technical assistance and business support to communities through a $2.7 million grant awarded by the Department of Housing and Urban Development.  Business development assistance has already been provided to organizations in Ohio, Michigan, New York, Texas, Kentucky, Arizona, Illinois and Connecticut.
• Members can obtain acquisition and bridge financing for their NSP programs through the Housing Partnership Fund’s new REO loan product.  Atlanta Neighborhood Development Partnership – an active participant in our community of practice – was approved for the first loan of $3 million.
• The National Community Stabilization Trust provides a collaborative platform to streamline the acquisition and financing of REO properties from loan servicers and financial institutions.  More than 40% of the properties sold through the Trust have been purchased by Network members or their local partners.

Policy

• Leveraging the on-the-ground experience of successful practitioners, we make policy recommendations to Congress and HUD to improve the implementation of the NSP program.  These include regulatory fixes to expand the definitions of eligible properties, statutory changes to broaden the range of qualified activities under the very low income set-aside, and advocacy for additional federal funding for neighborhood stabilization.