Neighborhood Stabilization Program (NSP)
The City of Euclid received $2,580,464 as part of the Housing and Economic Recovery Act of 2008 for assistance with redeveloping abandoned and foreclosed homes. This program is called the Neighborhood Stabilization Program (NSP).
The City was required to create a program using HUD approved activities like Property Acquisition/Demolition, Acquisition/Rehabilitation, and Creation of Financial Instruments.
The program approved by HUD includes acquisition/demolition of 60-65 properties, and acquisition/rehabilitation of 24-25 properties.
Through the Euclid Development Corporation (EDCOR), a down payment assistance program was created to make the purchase of a home in Euclid more affordable.
The city acquired 57 properties using Neighborhood Stabilization Program funds through various HUD property acquisition programs, FNMA, and private banks.
As of May, 2011 we have demolished 29 properties and have rehabilitated or are in the process of rehabilitating 13 properties. As these homes are sold, the proceeds from the sale of these homes will be used to continue to demolish or rehabilitate additional properties.
Each property must be reviewed by the Ohio Historic Preservation Office and receive clearance to proceed with demolition or rehabilitation activities.
Each property to be demolished must undergo an asbestos hazard evaluation to determine if asbestos is present.
All properties to be rehabilitated must undergo lead paint testing and abatement and pass a clearance test upon completion of the rehab process.
The first three properties designated for rehabilitation have been redesigned by an architect to make them more marketable and desirable. These properties will set the standard for future rehabilitation projects in the City of Euclid.
Rehabilitation has already been completed on eleven homes. Please contact Annabelle Neshkin of Remax Real Estate Experts at 440-255-6505 or Lenny Vaccaro of Howard Hanna Real Estate at 440-951-4445 to set up an appointment to tour the homes that are for sale.
Down payment assistance up to $10,000 is available through EDCOR and offered to first-time home buyers. Please Contact Karen Tomsic at EDCOR for details about this program, or for more information contact Marty Castelletti at (216) 289-8141 or via email at MCastelletti@cityofeuclid.com.