Investing in Distressed Communities: Outcomes From the Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP) is the largest public-policy effort to assist communities that were severely impacted by the housing crisis of 2007 through 2009. NSP's objective was to mitigate the impact of foreclosures on surrounding neighborhoods by reducing the stock of distres...

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Bibliographic Details
Published in:Cityscape (Washington, D.C.) D.C.), 2015-01, Vol.17 (2), p.279-306
Main Authors: Schuetz, Jenny, Spader, Jonathan, Buell, Jennifer Lewis, Burnett, Kimberly, Buron, Larry, Cortes, Alvaro, DiDomenico, Michael, Jefferson, Anna, Redfearn, Christian, Whitlow, Stephen
Format: Article
Language:English
Subjects:
Affordable housing
Census tracts
Cityscapes
Community
Demolition
Expenditures
Financial investments
Foreclosure
Foreclosures
Housing
Housing developments
Housing market
Housing units
Investments
Investors
Low income housing credit
Neighborhood blight
Neighborhoods
Nonprofit organizations
Public policy
Redevelopment
Refereed Papers
Rehabilitation
Sales
Studies
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Summary:The Neighborhood Stabilization Program (NSP) is the largest public-policy effort to assist communities that were severely impacted by the housing crisis of 2007 through 2009. NSP's objective was to mitigate the impact of foreclosures on surrounding neighborhoods by reducing the stock of distressed properties and demonstrating positive investment. This article presents evidence on housing production outcomes and expenditures from the second round of NSP funding (NSP2) across 18 counties and Washington, D.C., in diverse housing markets. As intended, public and nonprofit grantees used NSP2 to invest in neighborhoods with initially weak housing markets. Local grantees undertook different approaches to NSP2 that resulted in varied outcomes—as measured by activity type, expenditures per property, scale, and spatial concentration of NSP2 investments. Basing our analysis on these findings, we outline research topics and suggested approaches for future research.
ISSN:1936-007X
1939-1935