HUD Awards $2 Billion in Competitive NSP2 Funds to 60 Non-Profits Organizations and Municipalities

 

The Neighborhood Stabilization Program (NSP) is a new HUD program created to help address the home foreclosures and property abandonment resulting from the nation's recent economic crisis. NSP resources can fund programs aimed at redeveloping foreclosed and abandoned properties for use as quality affordable housing.

 

In addition to a formula block grant fund awarded through NSP1 on 1/14/10, HUD awarded competitive NSP2 funds to 60 organizations, including states, local governments, and non-profit organizations. Successful awardees had to show that NSP2 funds will be used to return at least 100 foreclosed or abandoned homes back to productive use and that at least $5 million of NSP2 funds are required to accomplish the redevelopment goals.

 

NSP2 grantees face even tighter spending deadlines and must expend 50 percent of their award within 2 years and 100 percent within 3 years. The NSP2 eligible uses and program goals are the same as those from NSP1, including the 25/50 targeting requirement. HUD issued a 'Bridge Notice' in June of 2009 to help provide consistency between the guidelines of NSP1 and NSP2.

 

For more information:

 

HUD's Funding Announcement

 

List of NSP2 Awardees

 

TAC's NSP Information

 

HUD's NSP Information

 

Using the Neighborhood Stabilization Program to Help Create Permanent Supportive Housing

 

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