Revitalization:


In 2008, Congress passed the Housing and Economic Recovery Act (HERA), which created the National Neighborhood Stabilization Program (NSP). The NSP provides grants to states and localities for the redevelopment of foreclosed and abandoned homes. The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures. The City of New York's Department of Housing Preservation and Development (HPD) received an allocation of $24 million in NSP funds which continues to be used to acquire, rehabilitate, and re-sell lender-owned, foreclosed properties throughout New York City.


Given EmpireHD’s unique experience in rehabilitating foreclosed properties, EmpireHD continues to work with local developers in collaboration with HPD, the Center for New York City Neighborhoods, the National Community Stabilization Trust (a consortium of national non-profits) and lenders to facilitate the transfer of lender-owned real estate ("REO") properties. EmpireHD, as one of the leading contractors under this program, completes the necessary rehabilitation work so they can later be sold to new owner occupants - which will help alleviate the destabilizing effects that the growing stock of vacant homes is having on many neighborhoods.


To create the largest positive impact, EmpireHD, under the REO Program, targets the areas of greatest need - which is based on the highest percent of foreclosures.


Through the successful completion over the years of HUD, NHS, Restored Homes and HPD sponsored programs, EmpireHD has shown true commitment through partnership for the revitalization of our neighborhoods. Whether directly accountable for these programs or indirectly through local developers, EmpireHD has continued to produce the expected results while keeping to project timelines.


If you’re considering a project in the near future, please give us a call or fill out our Contact Form today.