Going into the real estates business.
DuPage County’s Neighborhood Stabilization Program (NSP) pumps a one time federal payment of $5,176,438 into a program designed to “provide funding for the acquisition, rehabilitation, and resale of the many foreclosed homes peppering the neighborhoods of DuPage County. The county, at it’s discretion, can continue the program past the first year, and put additional funds into the program if it decides to.
At the federal level the NSP was initiated in September 2008 by the Bush administration to help stem the rising tide of home foreclosures.
$150,000 has been earmarked for homebuyer assistance. That might be where the “workforce housing” idea comes from, helping defray the cost of housing so public employees can live near where they work.
$454,043 is earmarked for county personnel to administer the program. Although the program is a one time payment, the program itself has a four year life span.
$950,000 is earmarked for rehabbing existing structures. there is no detailed explanation of how this amount will be spent, but the NSP might have specific guidelines within it’s prodigious rules.
$3,558.796 is earmarked for acquisition. That’s enough to buy maybe 15 homes, or maybe 60 acres of open land.
The Development Committee, chaired by Kyle Gilgis, vetted this item on April 14. Ms. Gilgis is from District 3 here in Downers Grove.
A complete overview of the federal NSP program can be found here.