Federal NSP Program Pumps $21 Million into Local Economy
Genesee County, the City of Flint and Genesee County Land Bank announced the economic benefits of the federally funded Neighborhood Stabilization Program (NSP) today at a press conference. In 2010-11, more then $21 million was pumped into the local economy, benefiting over 100 local businesses.
County Treasurer and Genesee County Land Bank Chair, Deb Cherry, commented “based on the average personal income in Michigan of just over $43,000, this spending is the equivalent of creating 485 jobs. In a struggling economy where jobs are in short supply, this is really significant.”
So far, the City of Flint has spent $8.9 million, the Genesee County Land Bank has spent $6.1 million and Genesee County has spent $6 million through these programs.
Nearly $8 million was used to demolish more then 1,100 blighted houses, while over $12.5 million was used to build or rehab 134 homes in nine Genesee County communities and the City of Flint. In addition, $550,000 helped support one commercial development in the City of Flint, a new Department of Human Services building.
All HUD and MSHDA deadlines and spending requirements set forth by the grant have all been met at the local level. Another $15 million will be spent on projects in 2012.
NSP is a federally funded program and does not cost anything to Genesee County, the City of Flint or the Genesee County Land Bank. Dollars awarded as part of this program go to improve and stabilize the community. To learn more about NSP or see a current list of available properties, visit www.thelandbank.org.