ohio neighborhood stabilization program 3

The U.S. Department of Housing and Urban Development (HUD) awarded $1 billion to states and communities across the country to address the nation's abandoned and foreclosed homes crisis through the Neighborhood Stabilization Program (NSP) 3. The Ohio Department of Development (ODOD) received an allocation of funds and is allocating $11,590,000 of the funds to the Ohio Housing Finance Agency (OHFA) for distribution through the Affordable Rental Housing Initiative.

OHFA accepted applications for NSP 3 funds from February 22, 2011 through April 14, 2011. On May 18, 2011, OHFA staff announced the conditional funding reservations. As stated in guidelines, copy below, staff considered the following criteria during the review process: the capacity and experience of the development team working with demolished, foreclosed, abandoned or vacant homes and residential properties (and also working with OHFA); the development team's ability to proceed; and the geographic dispersion of NSP 3 funding. Staff also considered the leveraging of local resources, the cost effectiveness of proposals, and the ability to reach our project and unit goals. In addition, OHFA valued projects that plan to leverage the housing tax credit program so that staff could work with the investor's construction management and asset management staff. A list of applications and conditional reservations is provided below.

OHFA will issue conditional reservation letters to the recipients and additional information to wait list projects by June 1. Recipients will then have 60 days to submit a full application to OHFA. Final funding amounts and decisions are subject to the review of the full application materials and approval by the OHFA Board.

Ohio Neighborhood Stabilization Program (NSP) 3 Files & Resources

Questions regarding the initiative should be directed to:

Sean Thomas
Office of Planning, Preservation and Development Director


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