Announcements
Jennifer Emerling / There Is More Work To Be Done
Jennifer Emerling / There Is More Work To Be Done
NSP
Information on HUD’s Neighborhood Stabilization Program
CONTENTS OF THIS PAGE
HUD’s Neighborhood Stabilization Program
Additional Information and Links
HUD’S NEIGHBORHOOD STABILIZATION PROGRAM
Update November 20, 2008. All NSP plans should now be available online for comment; some comment periods may have closed. Jurisdictions receiving NSP funds must submit their plans to HUD by December 1. Key links for current information are:
- Links to plans proposed by states and entitlement jurisdictions receiving NSP funds
- HUD’s list of contact people in every state and jurisdiction receiving these funds (these are the entities responsible for distributing funds to the local level)
- Links to data for CDBG jurisdictions or for zip codes (note that states may be using different figures to allocate funds)
- HUD’s NSP site
October 15, 2008.The Housing and Economic Recovery Act of 2008 created a new Neighborhood Stabilization Program (NSP), making $3.92 billion available through the Community Development Block Grant (CDBG) program to help state and local governments purchase, renovate, and resell foreclosed properties. The U.S. Department of Housing and Urban Development has identified about 300 states and CDBG entitlement communities that can apply by December 1 for allocations of NSP funds.
Rural governments and nonprofits should have opportunities to influence the use of these funds, and/or to be designated subrecipients, through states and some metropolitan area governments. The sub-state allocation process will not necessarily be the same as CDBG’s. Each state will decide how to distribute its funds, or — an option not available in the CDBG program — whether to use the funds itself. The legislation requires states and local governments to allocate funds to places with the greatest needs, including those with the highest percentages of foreclosures and subprime loans.
HAC is offering to collect questions and comments on the regulations, particularly as they relate to rural areas, and will provide the information to HUD. Please send questions or comments to Leslie Strauss at HAC, leslie@ruralhome.org or 202-842-8600 ext. 141.
ADDITIONAL INFORMATION AND LINKS
- HUD’s notice including NSP regulations and allocations to states and entitlement communities
- HAC’s brief summary of NSP
- HUD’s NSP website
- NeighborWorks® America’s information on neighborhood stabilization
- Federal Reserve Bank of Philadelphia recommendations for governments designing NSP plans
- HUD’s presentations and handouts about NSP from October 7-8 Housing Summit
- HAC’s August letter to HUD regarding the need to ensure rural areas receive a fair share of the funds
- HAC’s page on the housing crisis
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Posted: October 15, 2008
Updated: November 20, 2008
If you have problems accessing any of the material on this page, or if you would like to suggest additional information to include, contact Leslie Strauss at HAC, leslie@ruralhome.org, 202-842-8600.