Background
In July 2008, President Bush signed the $4 Billion Housing Recovery Act of 2008 (HERA) to assist localities to address the issues impacting their communities from concentrations of foreclosures with the Neighborhood Stabilization Program (NSP).

Loudoun County received a $2 million award on March 27, 2009, and matched those funds with $1.6 million to offer a comprehensive approach to stabilize neighborhoods. These funds are being used in order to purchase foreclosed abandoned homes to rehabilitate and resell these homes in an effort to stabilize neighborhoods and stem the decline of house values of neighboring homes. The Loudoun County Board of Supervisors designated the three NSP neighborhoods, which are:

• Sterling Park area
• Sugarland area
• Leesburg area

The Department of Family Services Housing and Community Development Division will be purchasing in the designated neighborhoods, rehabilitating these properties, and selling them to homebuyers at or below 120% Area Median Income (AMI) (see Homebuyer Information).

Overview
Loudoun County has partnered with Habitat for Humanity to purchase additional housing units to address the permanent housing needs of homebuyers that are at or below 50% AMI. Loudoun County has developed several programs to offer a comprehensive approach to stabilizing the neighborhoods. These programs include the Downpayment and Closing Costs Assistance Program (DPCC) and the Investor Rehabilitation Program.

In addition, Loudoun County has partnered with financial institutions that offer mortgage financing, homebuyer education courses, and title company services (see Financial Partners). Please note that all homebuyers have the option of using any mortgage company for financing as long as the company meets the NSP non-predatory lending guidelines.

For More Information
If you have questions about the Neighborhood Stabilization Program, please e-mail them to .