City of Richmond
Our Neighborhood Stabilization Efforts
The U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP) is designed to reduce the impact of foreclosures in some of the hardest-hit neighborhoods. With a grant of $3,011,494 from the first round of NSP funding (NSP1), the City of Richmond is financing the acquisition and rehabilitation of up to 25 foreclosed units in the 94801, 94804, and 94806 zip codes. The City and the Richmond Community Redevelopment Agency established the Richmond Neighborhood Stabilization Corporation (RNSC), a nonprofit organization, to implement the City’s NSP Program. Mechanisms include acquisition, rehabilitation and disposition of foreclosed properties. The RNSC has partnered with CHDC, Mission Rich Development LLC, Community First Development LLC and KL Hampton Group LLC to implement the program. Each development team will perform acquisition, rehabilitation, real estate services, property management and other services associated with the preparation of foreclosed, abandoned and vacant properties.
In 2010, HUD awarded the City of Richmond approximately $1.15 million in the third NSP round (NSP3), which enables RNSC to acquire and rehabilitate four foreclosed homes in North Richmond, Belding/Woods, Iron Triangle, Santa Fe, Coronado, Cortez, or Pullman Plaza neighborhoods, and to construct two new homes on City/Agency-owned vacant lots in portions of the Southern Iron Triangle and Santa Fe neighborhoods. All homes will be sold to low, moderate, and middle-income households.
If an income-eligible homebuyer can purchase an NSP home at no more than the fair market value in the City’s areas of greatest need (select areas in the 94801 and 94804 zip codes) then the City of Richmond will impose no long-term affordability requirements on the homebuyer or the property. This is based on a concept called “presumed affordability” which means that the market conditions of these areas are such that the purchase prices are expected to remain affordable without government regulation.