First Look & Neighborhood Stabilization Initiative Programs

NCST’s Property Acquisition Programs, First Look and the Neighborhood Stabilization Initiative (NSI), link U.S. financial institutions (sellers) to local housing providers (buyers). We operate the Neighborhood Stabilization Initiative (NSI), which spans 28 hard-hit metropolitan areas, through a partnership with the Federal Housing Finance Agency (FHFA) and Fannie Mae and Freddie Mac. To-date, NCST has conveyed approximately 25,000 distressed properties to local housing providers across the U.S. who in turn rehabilitate these homes to improve their communities.

Local buyers focused on neighborhood stabilization can purchase foreclosed and abandoned properties prior to the properties being marketed to investors or other buyers. These buyers have saved more than $251 million to-date by purchasing properties through our programs – savings most often passed forward to their home buyers.

NCST programs serve as a critical tool for municipalities and buyers as they save these organizations valuable time and resources. The programs also allow sellers to process foreclosures more quickly and at less expense than a traditional sale, and advance their commitment to community revitalization. A quicker sale lessens the risk of potential vandalism and property value deterioration for both the community and the sellers.

The First Look program is nationwide; however, the NSI program operates in 28 strategic markets that continue to have large concentrations of distressed and low-value REO inventory. The properties in these markets face a number of challenges, including rehab costs that exceed post-rehab value, and when not handled properly, may potentially depress local housing markets, endanger neighbors, create blight, and burden municipalities.

NSI market areas:

Akron, OH Albany-Schenectady-Troy, NY Atlanta-Sandy Springs-Roswell, GA
Baltimore-Columbia-Towson, MD Birmingham-Hoover, AL Chicago-Naperville-Elgin, IL
Cincinnati, OH-KY-IN Cleveland-Elyria, OH Columbus, OH
Dayton, OH Detroit-Warren-Dearborn, MI Flint, MI
Indianapolis-Carmel-Anderson, IN Jacksonville, FL Kansas City, MO-KS
Louisville/Jefferson County, KY-IN Miami-Fort Lauderdale-West Palm Beach, FL Milwaukee-Waukesha-West Allis, WI
New York-Newark-Jersey City, NY-NJ-PA Orlando-Kissimmee-Sanford, FL Palm Bay-Melbourne-Titusville, FL
Philadelphia-Camden-Wilmington, PA-NJ-DE Pittsburgh, PA St. Louis, MO
Tampa-St. Petersburg-Clearwater, FL Toledo, OH Trenton, NJ
Youngstown-Warren-Boardman, OH-PA

For more information about these areas, see this interactive map on FHFA.gov.


Our community buyers review and purchase foreclosed properties through REOMatch®, our online property transaction portal.

For more information about becoming an NCST community buyer, please contact us.

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