Under the Federal Housing and Economic Recovery Act of 2008, the Department of Housing and Urban Development (HUD) established the Neighborhood Stabilization Program (NSP) for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (AMI). The City of Fontana received $5,953,309, which was determined based on:
Fontana’s percentage of home foreclosures
Percentage of homes financed by subprime loans
Likelihood of a significant rise in the rate of home foreclosures
In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 funded a third round of funding under NSP or NSP3. The City of Fontana received $2,695,735 under this allocation.
How Funds Were Used
The City used NSP funds for the acquisition, rehabilitation, and/or redevelopment of abandoned or foreclosed residential properties and the subsequent sale or rental of such properties to households with incomes up to 120% of the area median income. At least 25% of NSP funds helped households with incomes below 50% of the area median income.
NSP Properties for Sale or Rent
The City of Fontana no longer has properties available for sale under this program. If you are interested in renting a property, please contact the City's property management company, Quality Management Group at (909) 931-9763 or by email for availability.