Mangano Announces Success of the Neighborhood Stabilization Program
Program fosters job creation, promotes community stability while helping residents achieve “American Dream”
Nassau County Executive Edward P. Mangano was joined by the Long Island Housing Partnership to announce that the County’s participation in the federal Neighborhood Stabilization Program (NSP) has resulted in its first sale of a foreclosed home to a first-time homebuyer, located at 747 Lawrence Street in Elmont. The sales price of the home is $290,000, of which New York State Housing Finance Agency (HFA), NSP and New York State Affordable Housing Corporation (AHC) subsidy will be applied to make the home affordable.
The Neighborhood Stabilization Program enables Nassau County to work with not-for-profit and for-profit partners to purchase foreclosed homes in areas hardest hit by foreclosure. The Long Island Housing Partnership (LIHP), a not-for-profit whose mission it is to provide affordable housing opportunities, is one of Nassau County’s program partners that purchased the first pool of NSP homes. LIHP along with Bedford Construction acquired six NSP homes in Nassau County, including 747 Lawrence Street.
The homeowner contributed a down payment of $3,750, and received a mortgage of $125,050, while the NSP State subsidy is estimated to be $239,615.53, and AHC subsidy is $40,000. As required, the homeowner also underwent 8 hours of mortgage counseling with the LIHP.
“Today is a great day in Nassau County. By revitalizing this home, we’re revitalizing the neighborhood, putting the property back on the tax rolls, and helping a resident achieve the dream of homeownership,” said Mangano.
“Nassau County has been severely impacted by the home foreclosure crisis and downturn in the economy,” said Mangano. “The Neighborhood Stabilization Program helps puts people to work on homes while promoting community stability and long-term economic development. It’s good for our neighborhoods, workforce, and economy.”
“I am grateful to LIHP for bringing this housing opportunity to Elmont. This program helps the Frangiamore family start a new life and moves our entire community one step closer to achieving our revitalization goals,” said Legislator John Ciotti (R-North Valley Stream). 
Last year, Nassau County received a direct Neighborhood Stabilization Program allocation from the U.S. Department of Housing and Urban Development (HUD) in the amount of $7,767,916 for acquisition, rehabilitation, demolition, and resale of foreclosed homes within Nassau County to owner-occupants with a household income at or below 120% of the area median income (AMI). Additionally, Nassau County was awarded an NSP grant from the New York Housing Finance Agency (HFA) in the amount of $1,697,577 and $1,365,000 from New York State Affordable Housing Corporation.
The Federal NPS’s goal was to invest in communities that are being devastated by foreclosures. Nassau and Suffolk rank in the top five areas in New York State for foreclosures, and the areas targeted by NSP are areas that could least absorb the high number of foreclosures. Statistics indicate that each foreclosure brings down surrounding property values by almost 9%.
