The federally-funded Neighborhood Stabilization Program is combating a challenging housing market that affects neighborhoods across large sections of Chicago. Its primary focus is on areas of the South, West and North Sides that can serve as catalysts for revitalization of larger areas around them. If the recession and credit crisis are prolonged, as many experts fear, the program will at the least help neighborhoods minimize the damage, bring up the bottom of their downward curve, and begin recovery sooner than if no intervention had taken place.
NSP is designed to reverse the downward trend affecting many of our neighborhoods. By creating high-quality, energy efficient housing and arranging for tiered subsidies based on income levels and neighborhoods, the program will re-ignite local markets, lock in affordability for buyers and renters, and support local economic development and job growth. This will restore local confidence, protect recent and planned investments and ultimately turn around local markets. For more details, watch this video....
Bill Healy, July 19, 2010
News—Developer Melvin Bailey is putting local people to work, renovating foreclosed East Garfield Park homes through the Neighborhood Stabilization Program.
Bill Healy, June 8, 2010
News—The first houses to be renovated and offered for sale under the Neighborhood Stabilization program are now available in the Chicago Lawn community. A tour of renovated NSP homes is scheduled for… Continue…
Our neighborhoods—Here's where to find background information on the development companies working in Chicago NSP target communities.
John McCarron, February 6, 2010
News—Ophelia Cage knows all too well the damage – physical and psychic – that a foreclosed and vacant house can do to a neighborhood. She lives next door to an empty bungalow at 6324 S. Campbell… Continue…
John McCarron, March 16, 2010
News—Aldermen, community leaders and plain folk recently weighed in at City Council hearing on the Neighborhood Stabilization Program, which is designed to stem the further deterioration of certain… Continue…
About us—What is the Chicago Neighborhood Stabilization Program? The August 2008 “Housing and Economic Recovery Act” authorized the almost $4 billion “Neighborhood Stabilization… Continue…
July 30, 2010
News—Following are properties (314 units) NSP has acquired as of July 30, 2010, listed by neighborhood.
John McCarron, January 20, 2010
News—Chicago will receive a $98 million federal grant to recycle foreclosed homes. The amount, second only to Los Angeles among U.S. cities, reflects and validates the efforts the city and its… Continue…
Matt Field, January 20, 2010
News—The federally-funded Neighborhood Stabilization Program may have been dreamed up in Washington, but it is at the state and local level that reality is setting in.
John O'Neill, October 6, 2009
News—The building at 7721 S. Carpenter St. had been vacant for months. The lawn and bushes were overgrown. Some boards had been pried from the windows. Vagrants had moved in. Mildewed carpets and… Continue…
NSP Chicago Target Communities—Chicago's Neighborhood Stabilization Program identified 28 eligible regions with high foreclosure rates and where many homeowners took out subprime mortgages. Those are the areas that will be… Continue…
Matt Field, September 30, 2009
News—To real estate developer Maurice Williams, the property at hand is often the least interesting thing about a potential deal. “I’m looking at everything but that house,” he says. “I’m looking at… Continue…
Matt Field, November 9, 2009
News—One silver-lining of the foreclosure storm that hit Chicago is that many NSP developers will rehab homes to include new, eco-friendly features. One home in South Shore is even getting solar panels.
Matt Field, August 31, 2009
News—The crime was shocking even by West Side standards. Several men were standing on a blighted section of Walnut Street in East Garfield Park when a gunman charged from a vacant lot, fired into… Continue…
New requests for proposals!
See requests for proposals for appraisal services, real estate professional services, scope writing services, and vacant building board-up and asset management services. Responses due by October 22, 2010!
Maps of NSP neighborhoods
Census tract maps for NSP2 neighborhoods, including Albany Park, Chicago Lawn, Englewood, Grand Crossing, Humboldt Park, Logan Square/Hermosa, South Chicago, South Lawndale, Washington Park, and Woodlawn.
Contact us:
William Towns
VP Community Action Plans, Mercy Portfolio Services, Neighborhood Stabilization Program
120 S. LaSalle St., Suite 1850
Chicago, IL 60603
wtowns@mercyhousing.org
(312) 447-4609 (phone)
(312) 447-4750 (fax)