Neighborhood Stabilization Program Grants

From: HUD USER News
 
HUD is now soliciting grant applications under the
Department's Neighborhood Stabilization Program (NSP),
which makes available nearly $2 billion in Recovery Act
funding to combat the effects of home foreclosures.
Funded under the American Recovery and Reinvestment Act
 of 2009, this round of NSP funding will award grants
competitively.
 
The $2 billion will assist state and local governments,
as well as nonprofit developers, in acquiring land and
property, demolishing or rehabilitating abandoned
properties, and/or offering downpayment and closing cost
assistance to low- and middle-income homebuyers. Grantees
can also use the funds to stabilize neighborhoods by
creating "land banks" with which to assemble, temporarily
manage, and dispose of foreclosed homes. NSP also seeks
to prevent future foreclosures by requiring housing
counseling for families receiving homebuyer assistance
and by requiring grantees to ensure that new homebuyers
under this program use a mortgage lender who agrees to
comply with sound lending practices. Applications for NSP
funds will be due July 17, 2009.
 
HUD will also provide up to $50 million in technical
assistance grants to help grantees in managing the
inventory of foreclosed homes purchased under the
Neighborhood Stabilization Program. Applications for NSP
technical assistance will be due June 8, 2009.
 
The Department is committed to providing the highest
level of transparency possible as Recovery Act funds are
spent quickly and efficiently. Every dollar of Recovery
Act funds HUD spends can be reviewed and tracked at HUD's
 Recovery Act website, where the full text of HUD's
funding notices and the ability to track future grant
performance is also available. More information and the
NSP Notice soliciting grant applications is available
at www.hud.gov/nsp.
 
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