Neighborhood Stabilization Assistance (NSA)

In a response to the housing crisis, the Neighborhood Stabilization Program (NSP) was created as authorized under Title III of the Housing and Economic Recovery Act of 2008. The NSP will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

The FHLBI has created the NSA program to help market the properties assisted with NSP funds by helping homebuyers at or below 80% of area median income (AMI) with down payment and closing costs and improving their eligibility for first mortgage financing. NSA will match a homeowner's funds three-to-one. Each FHLBI member, however, can offer homebuyers a smaller matching ratio (i.e., two-to-one) if it chooses to. At least $500 of what NSA matches must come from the homebuyer's own savings, but the FHLBI will also match funds received from other sources including other grants and gifts. Members may work with homebuyers purchasing a NSP-assisted home directly or through one or more housing organizations.

Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.

> Current Registered Members
> Available funds

Updated: June 10, 2009