Neighborhood Stabilization Program


About The Program


The Neighborhood Stabilization Program (NSP) was a program created under President Bush to allow housing agencies to use federal money for the purchase and rehabilitation of foreclosed, blighted properties. Under the NSP, agencies could either sell the rehabed property to refund the program, or keep them as properties in the agency's portfolio. SHA successfully leveraged the NSP to purchase and rehab 7 properties. 19 North Ave, 6 Kirk St, and 7 Kirk St were rehabed and sold to refund the program. 14 Sherburne St, 28 Prescott St, and 24 Howard St were added to SHA's housing portfolio. In addition SHA's new main office, located at 17 School St, was partially funded through the NSP.

24 Howard Street


Began construction in Fall 2012 and enlisted the students from Sanford Vocational Building Construction Program. Completed in the Summer of 2014. This property remained in SHA's portfolio.

  • Single Family, 3 bedroom house
  • Annual Property Taxes: $3,422
  • Program: Neighborhood Stabilization

Before

Howard Street Before

After

Howard Street After

28 Prescott Street


Constructed during the Summer of 2011, 28 Prescott was completely demolished and rebuilt. This property remained in SHA's portfolio.

  • Multi-family
  • Two, 3 bedroom apartments
  • Annual Property Taxes: $4,657
  • Program: Neighborhood Stabilization

Before

Prescott Street Before

After

Prescott Street After

14 Sherburne Street


14 Sherburne Street was purchased in the Spring of 2010 for rehabilitation. Construction was completed in the Summer of 2010. This property remained in SHA's portfolio.

  • Multi-family
  • Two, 2 bedroom apartments
  • Annual Property Taxes: $3,360
  • Program: Neighborhood Stabilization

Before

Sherburne Street Before

After

Sherburne Street After

6 Kirk Street


6 Kirk Street was purchased, rehabed, and sold to refund the NSP.

Before

6 Kirk Street Before

After

6 Kirk Street After

7 Kirk Street


7 Kirk Street was purchased, rehabed, and sold to refund the NSP.

Before

7 Kirk Street Before

After

7 Kirk Street After

19 North Avenue


19 North Avenue was purchased, rehabed, and sold to refund the NSP.

Before

19 North Avenue Before

After

19 North Avenue After