Frequently Asked Questions
What is NSP?
The Neighborhood Stabilization Program (NSP) was established through the Housing and Economic Recovery Act of 2008 (HERA) to help state and local governments recover from the mortgage foreclosure crisis. The funding is used to purchase and rehab foreclosed properties and to demolish blighted structures. Saginaw received $1.6 million through NSP1 and $17.4 million with NSP2.
Do I have to be a first-time homebuyer to purchase an NSP home?
No, you do not have to be a first-time homebuyer. However, you cannot currently own a home.
Why isn’t any rehab being done in the Green Zone?
The majority of work done in the Green Zone will be demolition and blight removal. Once that has been completed, properties located in the Green Zone will be placed in the local land bank for use in future revitalization plans.
How were the NSP zones selected?
The City of Saginaw chose neighborhoods or target areas that had been most affected by the foreclosure crisis. The target areas met various criteria including a high number of bank-owned or REO properties; close proximity to employment, education, or health care institutions; and the potential for redevelopment and use in future revitalization plans. The 3 NSP zones are the Cathedral or Revitalization Zone, Covenant Zone, and the Green Zone
Are funds available to fix up my current home?
Yes. The City’s Community Development and Block Grant (CDBG) division offers loans and grants through its Housing Rehabilitation program to income eligible households located in targeted areas. For more information, call (989) 759-1584 or visit www.saginaw-mi.com/Government/Departments/Development/Block
MSHDA also has a Property Improvement program that offers loans to eligible homeowners and landlords. For more information on this program, call (517) 373-8017 or visit www.michigan.gov/mshdapropertyimprovement