Neighborhood Stabilization Program (NSP2)

The Housing Trust of Santa Clara County has been awarded $25,000,000 in NSP2 funds from the Department of Housing and Urban Development (HUD) under the American Recovery and Reinvestment Act (ARRA). The Housing Trust is the lead entity in the San Jose Consortium, which also includes the City of San Jose and Neighborhood Housing Services Silicon Valley. These stimulus funds will be used in targeted areas across 35 census tracts that have been the hardest hit by foreclosures within the City of San Jose.

How The Funds Will Be Used

The Consortium will use the funds to provide up to 100 Purchase Assistance Loans to low and moderate income households buying foreclosed and abandoned properties within the designated area. The Consortium will also acquire and rehabilitate up to 105 bank- owned homes for resale to low and moderate income households. Twenty-five percent of the grant total ($6,250,000) will be reserved to assist households at or below 50 percent of area median income. These funds, and the leveraging of $2,250,000 in additional funds, will reduce the number of foreclosed or abandoned homes and residential properties in the targeted areas and help to stabilize the housing market.

Learn about our Purchase Assistance Loan (PAL) program, click here.

For more information about the census tracts that are included in this program, as well as maps and an address lookup site click here.

To download the San Jose Consortium's NSP2 Summary, click here.

To download our latest Quarterly NSP2 Report to HUD, click here.

To download our Quarter 1 NSP2 QPR Report to HUD, click here.

To download our Quarter 2 NSP2 QPR Report to HUD, click here.

To download a Definition of Foreclosure for the NSP2 program, click here.

San Jose Consortium Resources:

To view the City of San Jose Neighborhood Stabilization Home Buyer Program, click here.

Interested in buying affordable foreclosed homes that have been professionally remodeled with NSP funding? Click here.

For more information about homebuyer education visit Neighborhood Housing Services Silicon Valley, click here.