The National Stabilization Program (NSP) is a new program, coordinated through the Department of Housing and Urban Development (HUD), that directs resources toward selected cities and all fifty states to help alleviate the negative effects of foreclosures on local communities.  Colorado Springs received $3,900,000 through this program.  Denver, Adams County, and Aurora also received allocations.  The State of Colorado received $34,000,000.

The City of Colorado Springs (the City) and State of Colorado (the State) entered into a joint agreement for the operation of the NSP Program.  Under this agreement, the state will be responsible for all operations of the NSP Program in consultation with the City.  In return, the State agrees to dedicate a portion of the funding it receives to supplement the City's allocation.

This joint effort will establish a single "portal" through which NSP funds will flow into the City (as opposed to the City and the State developing two separate processes) and insure a clear, efficient delivery mechanism for the program.  The effort will also result in more resources to address foreclosure issues in Colorado Springs.

For more detailed information click on NSP Program; to learn about the partnership click on State of Colorado.