The MassHousing is pleased to announce its second funding round for the Neighborhood Stabilization Program for redevelopment, reconstruction, renovation or repair of substandard and/or blighted properties to help stabilize neighborhoods across the Commonwealth.
Donor Name: MassHousing
State: Massachusetts
County: All Counties
Type of Grant: Grant
Deadline: 01/10/2023
Size of the Grant: Up to $250,000
Details:
The NSP helps cities and towns, non-profits and community development corporations to create new homeownership opportunities in 1-4 unit properties; assist homeowners in need of extensive home repairs; or rehabilitate rental properties with 15 units or less.
Program Preferences
Preferences for NSP funding will be given to the following:
- 1‐4 new homeownership opportunities Activities sponsored by or done in partnership with community development corporations or local non‐profit organizations.
- Organizations that secure a local match or private funds for eligible activities.
- Activities and Projects with the greatest impact on community stabilization in Weak Markets, including rural communities and communities that have been disproportionally affected by the COVID‐19 pandemic, disinvestment, or abandonment, or census tracts with foreclosure rates higher than the state median rate Development teams that include Minority Businesses Enterprises (MBE’s) and/or Women Business Enterprises (WBE’s).
- Activities and Projects that promote and support minority homeownership in accordance with Fair Housing laws. Activities which incorporate green, sustainable and climate resilient designs, building materials and/or construction methods.
Funding Information
NSP funds must be used for eligible Activities and Projects involving only eligible properties. Up to $250,000 in NSP funds is available per each affordable homeownership or rental unit (that will be subject to an Affordability Restriction), dependent upon the documented need. Generally, funding awards will be capped at $2M, although larger awards may be considered for projects of extraordinary merit. Funds will generally be provided as a grant to the awarded entities for Activities and Projects that meet NSP requirements. MassHousing will execute a grant agreement with the awarded entity once all conditions are met for the activity to commence.
Eligible Activities
The scope of work of an Activity or Project must include:
- The demolition, repair, reconstruction, renovation, remodeling, redevelopment, hazardous material abatement, rehabilitation, or improvement of an eligible property, to preserve or create residential units and bring the property into compliance with state codes and laws.
- Such other application of funds to capital improvements at the Project that the Agency determines would be a reasonable mitigant to Blighted or Substandard Conditions that meets the standards and requirements of NSP.
Eligibility Criteria
- Municipalities, including municipal agencies, boards, commissions, authorities, departments or instrumentalities thereof
- Community development corporations
- Local non‐profit organizations may apply to MassHousing for NSP funds. An eligible entity may partner with a for‐profit developer, provided the eligible entity is the lead applicant, and maintains fiduciary oversight of the project.
For more information, visit MassHousing.