About the Program
The U.S. Department of Housing and Urban Development (HUD) established the Neighborhood Stabilization Program (NSP) to provide emergency assistance to reduce the inventory of foreclosed residential properties. Waterford Township received NSP funds and dedicated the majority of its funding as FHA mortgage down payment assistance to foreclosed properties as principal residences.
NSP Program Performance Update
As of January 1, 2011, Waterford Township has expended 100% of its $2,014,489 NSP program funds.
These fund enabled 46 families to purchase, repair and move into previously foreclosed properties. Of the 46, 23 are low-income families and 23 are moderate/middle-income. The Township also acquired 1 vacant foreclosed and condemned residential property.