New Hampshire, through CDFA, has been awarded $19.6 million in Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development (HUD). The program is designed to help address foreclosure problems in certain neighborhoods in order to make them more stable, sustainable, and competitive. It is a component of the CDBG program and generally follows its requirements. The program is authorized under Title III of the Housing and Economic Recovery Act of 2008.
CDFA conducted an extensive community input process, combined with consultation with in-state housing expertise and HUD guidance, to assure that its structure for implementing the Neighborhood Stabilization Program will be optimally effective. Looking at data through August of 2008, New Hampshire communities with the highest rates of foreclosures, highest rates of subprime loans, and the highest likelihood of future high rates of foreclosures have been identified as Tier 1 and Tier 2 groups. Tier 1 includes: Berlin, Derry, Manchester, Nashua, and Rochester; and Tier 2 includes: Barnstead, Claremont, Farmington, Franklin, Hillsborough, Laconia, Newport, Ossipee, Pittsfield, Raymond, Wakefield, and Whitefield.
