 The NISP program was established to promote the new construction and rehabilitation of single-family homes, in an effort to stabilize and revitalize low-income communities. Most low-income neighborhoods contain vacant lots andabandoned or substandard housing units. This, in turn, creates crime and trash dumping, which contributes to declining neighborhoods by deflating property values.
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In an economically depressed neighborhood, the appraised
value of the single-family housing stock is generally below the cost of providing
new housing or rehabilitating existing housing to current code conditions. This
makes the production of new, quality housing units economically inviable and continues
to promote property values that do not reflect the true cost of providing affordable
housing. Fannie Mae and Greater Miami Neighborhoods, Inc. will work with the City
of Miami, Dade County and local Community Development Corporations to implement
the program. (Insert NISP documents.)