Neighborhood Stabilization Programs (NSP)
The HUD Neighborhood Stabilization (NSP) program is a new program created as part of the Housing and Economic Recovery Act (HERA) that was enacted in July 2008. It preceded the so called "Bailout Bill", but the funding is still being distributed. Additionally, the American Recovery and Reinvestment Act of 2009 (ARRA or "Stimulus") established additional funding for the NSP, also known as NSP-2. These funds are an extension of the CDBG program and are specifically targeted for use in revitalizing neighborhoods, eradicating blight and
rehabilitating abandoned or foreclosed housing.
NSP-1 was allocated utilizing a formula established by the U.S. Dept. of Housing and Urban Development. Each state was awarded funding as well as many municipalities that were hardest hit by the so called foreclosure crisis. In all, there was over $4.5B awarded as part of the HERA bill.
NSP-2 will be awarded based on a competitive application that was due to HUD in July 2009. Many municipal, state and not-for-profit organizations applied for funding through this round. The funds are targeted again for the nations hardest hit foreclosure areas.
The application process for these funds vary by state or municipal agency. As the NSP-2 funds are awarded, the Members Only section of this site will be updated to let you know who won and how they intend to use funds.
The NSP-1 funds are available now through each respective housing agency. The funds can be used for acquisition, rehabilitation and demolition of abandoned and foreclosed homes. It is a good source for gap funding.
To find out more about how you can use Neighborhood Stabilization Programs and other government programs for your deals, pick up a copy of Government Deal Funding for Real Estate Investors and Developers.
rehabilitating abandoned or foreclosed housing.
NSP-1 was allocated utilizing a formula established by the U.S. Dept. of Housing and Urban Development. Each state was awarded funding as well as many municipalities that were hardest hit by the so called foreclosure crisis. In all, there was over $4.5B awarded as part of the HERA bill.
NSP-2 will be awarded based on a competitive application that was due to HUD in July 2009. Many municipal, state and not-for-profit organizations applied for funding through this round. The funds are targeted again for the nations hardest hit foreclosure areas.
The application process for these funds vary by state or municipal agency. As the NSP-2 funds are awarded, the Members Only section of this site will be updated to let you know who won and how they intend to use funds.
The NSP-1 funds are available now through each respective housing agency. The funds can be used for acquisition, rehabilitation and demolition of abandoned and foreclosed homes. It is a good source for gap funding.
To find out more about how you can use Neighborhood Stabilization Programs and other government programs for your deals, pick up a copy of Government Deal Funding for Real Estate Investors and Developers.
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