A novel and useful neural network (NN) processing core adapted to implement artificial neural networks (ANNs). The NN processor is constructed from self-contained computational units organized in a hierarchical architecture. The homogeneity enables simpler management and control of similar computational units, aggregated in multiple levels of hierarchy. Computational units are designed with minimal overhead as possible, where additional features and capabilities are aggregated at higher levels in the hierarchy. On-chip memory provides storage for content inherently required for basic operation at a particular hierarchy and is coupled with the computational resources in an optimal ratio. Lean control provides just enough signaling to manage only the operations required at a particular hierarchical level. Dynamic resource assignment agility is provided which can be adjusted as required depending on resource availability and capacity of the device.