The city of Oxnard received a little more than $2 million in funds from the Neighborhood Stabilization Program (NSP) to aid in the purchasing and rehabilitation of foreclosed homes. Oxnard received notification of the award more than nine months ago, but after dealing with demanding federal and state regulations, has only started using the funds recently.

“The city was required to go through a number of pre-operational steps, such as hearings and approvals, etc.,” said Oxnard housing director William Wilkins. “As with any program where state or federal funds are awarded, you are required to complete a massive amount of paperwork and processes prior to actual implementation of the program.”
The program was established with the goal of stabilizing communities that have suffered from foreclosures and abandonment. The NSP was created under the Housing and Economic Recovery Act of 2008, and with this grant, it made awards to a total of 309 grantees, including states and territories.

Full story is available on Ventura County Reporter