A Community Development Corp.
Dedicated to Green Sustainable Projects
Neighborhood Stabilization Program (NSP)
The Neighborhood Stabilization Program is a federally funded program under the U.S. Department of Housing and Urban Development (HUD). Each state receives and allocation of funds to be used on projects designed to help neighborhoods and cities recover from economic decline and high foreclosure rates. According to former MFA Board Chair, Diane Denish, just one vacant foreclosed property in a neighborhood can trigger blight. The goal of NSP is to reduce the prevalence of such properties and help moderate- and low-income families become homeowners.
The bulk of NSP funding goes to acquisition and rehabilitation of foreclosed properties that can then be sold--or in some cases, rented--to moderate- and low-income families. NSP funds are also used to help those families finance homes.
There have been three rounds of NSP funding since the program began in 2009--NSP1, NSP2, and NSP3. The Kaspia Group is currently one of the largest NSP1 contractors in New Mexico. We purchased the first NSP home in September, 2009. Since that first purchase, we have acquired a total of 40 foreclosed homes--20 in Rio Rancho and 20 in Albuquerque--using NSP1 funds.
Kaspia not only rehabilitates homes using NSP funds; we work through the entire NSP process. Kaspia staff can identify and acquire eligible properties, rehab those properties, and sell them to qualified buyers. All of the steps of the NSP process are handled in-house by our knowledgeable staff, rather than being contracted out. This allows Kaspia to minimize administrative costs and invest more into properties. It also minimizes time and money spent finding and working with outside entities. Our realtors--with Omni Village Realty--are skilled at finding homes that we can buy and improve, as well as at working with buyers to determine if they qualify for NSP. We also have our own construction crews that are familiar with the rehabilitation services we provide.
If you would like to see some of the houses we have rehabbed through NSP1, click here.
The bulk of NSP funding goes to acquisition and rehabilitation of foreclosed properties that can then be sold--or in some cases, rented--to moderate- and low-income families. NSP funds are also used to help those families finance homes.
There have been three rounds of NSP funding since the program began in 2009--NSP1, NSP2, and NSP3. The Kaspia Group is currently one of the largest NSP1 contractors in New Mexico. We purchased the first NSP home in September, 2009. Since that first purchase, we have acquired a total of 40 foreclosed homes--20 in Rio Rancho and 20 in Albuquerque--using NSP1 funds.
Kaspia not only rehabilitates homes using NSP funds; we work through the entire NSP process. Kaspia staff can identify and acquire eligible properties, rehab those properties, and sell them to qualified buyers. All of the steps of the NSP process are handled in-house by our knowledgeable staff, rather than being contracted out. This allows Kaspia to minimize administrative costs and invest more into properties. It also minimizes time and money spent finding and working with outside entities. Our realtors--with Omni Village Realty--are skilled at finding homes that we can buy and improve, as well as at working with buyers to determine if they qualify for NSP. We also have our own construction crews that are familiar with the rehabilitation services we provide.
If you would like to see some of the houses we have rehabbed through NSP1, click here.
Omni NSP Interest Form - If you are interested in purchasing a home through NSP, please complete this form. Our real estate associates will be happy to conduct a no obligation eligibility evaluation.
