The Neighborhood Stabilization Program was enacted through ARRA (American Recovery and Reinvestment Act of 2009). The program entails to help communities purchase foreclosed homes in order to stabilize neighborhoods. The State of New Mexico Department of Finance and Administration (DFA) received $19.6 million through NSP, which was then allocated to entities within New Mexico.
The City of Santa Fe signed a contract in May 2009 for $2 million, which is being used for two purposes: to purchase foreclosed rental housing and to purchase foreclosed single family homes for ownership. We have two housing partners, Life Link and Homewise, who are helping the City carry out the program. Life Link will purchase four homes and use them as long term rentals for their clientelle. Homewise is using the funds as downpayment assistance for qualified low and moderate income persons.