January 8, 2010:
ECD (Episcopal Community Development) became the first Affordable Housing Organization in New Jersey to acquire a foreclosed and abandoned home through the National Community Stabilization Trust. The National Community Stabilization Trust has established a framework to manage, rehabilitate and deliver Real Estate Owned (REO) properties to new owners and renters. At the heart of this framework is collaboration.
ECD is the largest nonprofit recipient of Neighborhood Stabilization Program Funding in New Jersey, with a funded program to acquire, rehabilitate and put back in service approximately 150 affordable housing units in Newark’s Clinton Hill Neighborhood as well as the adjoining West Side Park, Irvington South Ward neighborhoods.
The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.
The Stabilization Trust works with state and local governments, HUD and nonprofit and for-profit local organizations to help build local programs that can lead the way to the successful transformation of neighborhoods. Additionally, business relationships have been established with financial institutions to help make the local programs more cost-effective. In New Jersey, New Jersey Community Capital is the transfer agent for the Stabilization Trust.