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Community and Economic Development and Housing Neighborhood Stabilization Program
Total Funding Available: $2 billion
Overview
The Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
The $2 billion in new funding may be used for the same purposes as provided in the Housing and Economic Recovery Act of 2008 (with some changes), but the funding formula will be more competitive.
Special Factors
Secretary will ensure grants are made in areas of greatest number and percentages of foreclosures. Additional consideration will be given for grantee capacity to execute projects, leveraging potential, concentration of investment to achieve neighborhood stabilization, and other factors at the discretion of the Secretary.
Secretary will obligate all funding within one year. Eligible entities are states, local governments and nonprofit entities. Secretary can also establish minimum grant size. Grantees must expend at least 50 percent of funds within two years, and all of the funds within three years.
There are several other rules that apply to leasing and rights of subsequent property owners after they take interest in a formally foreclosed property.
How to Access Funding
Secretary will publish criteria within 75 days after enactment. All applications due within 150 days of enactment.
Federal Contact
Department of Housing and Urban Development
Neighborhood Stabilization Program
www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg
State Contact
Department of Housing and Community Development
Division of Community Services
Mark Siegenthaler, (617) 573-1400
www.mass.gov/dhcd
Community Development-Grant and Funding Programs – NSP
MMA Staff Contact
Matthew G. Feher, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , (617) 426-7272
Community and Economic Development and Housing Neighborhood Stabilization Program
Neighborhood Stabilization Program
Total Funding Available: $2 billion
Overview
The Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
The $2 billion in new funding may be used for the same purposes as provided in the Housing and Economic Recovery Act of 2008 (with some changes), but the funding formula will be more competitive.
Special Factors
Secretary will ensure grants are made in areas of greatest number and percentages of foreclosures. Additional consideration will be given for grantee capacity to execute projects, leveraging potential, concentration of investment to achieve neighborhood stabilization, and other factors at the discretion of the Secretary.
Secretary will obligate all funding within one year. Eligible entities are states, local governments and nonprofit entities. Secretary can also establish minimum grant size. Grantees must expend at least 50 percent of funds within two years, and all of the funds within three years.
There are several other rules that apply to leasing and rights of subsequent property owners after they take interest in a formally foreclosed property.
How to Access Funding
Secretary will publish criteria within 75 days after enactment. All applications due within 150 days of enactment.
Federal Contact
Department of Housing and Urban Development
Neighborhood Stabilization Program
www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg
State Contact
Department of Housing and Community Development
Division of Community Services
Mark Siegenthaler, (617) 573-1400
www.mass.gov/dhcd
Community Development-Grant and Funding Programs – NSP
MMA Staff Contact
Matthew G. Feher, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , (617) 426-7272
Last Updated on March 23, 2009
