The Housing and Economic Recovery Act of 2008 provided the City of Milwaukee with $9.2

million in federal funding for the Neighborhood Stabilization Program (NSP) to address foreclosed

properties in Milwaukee neighborhoods impacted by the foreclosure crisis.

If you are a homeowner and are interested in purchasing a foreclosed home in your

neighborhood, you may want to consider the opportunities available under the City of

Milwaukee’s NSP Buy In Your Neighborhood Program.

The NSP Buy in Your Neighborhood Program provides funding to help homeowners buy a

foreclosed property within three blocks of where they live for rental purposes. Both financial and

technical assistance is provided. If the property is in need of rehabilitation, homeowners may

also use the NSP Rental Rehabilitation Program, which provides matching funding for necessary

rehabilitation expenditures. The concept behind the program is that property owned by a

neighborhood resident is likely to be well-managed and maintained because the owner has a

vested interest in the neighborhood.

The Program provides second mortgage loans of up to 20% of the purchase price of foreclosed